In computing the total income of an assessee, there shall be deducted any sum contributed in the previous year to any political party or an electoral trust as follows:
Contributions by companies to political parties
Section - 80GGB of Income-tax Act, 1961-2020
Eligible Assessee: Indian Company
Amount of Deduction allowed : Any amount contributed by it, in the previous year to any political party or an electoral trust.
Contributions by any other person to political parties.
Section - 80GGC of Income-tax Act, 1961-2020
Eligible Assessee: Any person, except local authority and every artificial juridical person wholly or partly funded by the Government.
Amount of Deduction allowed : Any amount of contribution made by him, in the previous year to any political party or an electoral trust.
Note for Section 80GGB and 80GGC:
👎No deduction shall be allowed in respect of any sum contributed by way of cash.
👉"political party" means a political party registered under section 29A of the Representation of the People Act, 1951.
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