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Is Donation To Political Party Tax Deductible In India
Is Donation To Political Party Tax Deductible In India -
Yes government employees can claim deductions for contributions or donations made to political parties under this section However they should not be directly or indirectly associated with any political
To encourage more contributions towards political parties there is a provision of exemption from taxation under Section 80GGB This section of the Income Tax Act 1961 mainly deals with donations and contributions made by Indian Companies towards political parties or electoral trusts Tax Deductions under Section 80GGB
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80ggc Donation To Political Party Donation To Political Party Limit
80ggc Donation To Political Party Donation To Political Party Limit
Tax benefits on donations to political parties are available under two sections namely 80GGB and 80GGC Deduction under Section 80GGB Eligible Tax payer Any Indian company that contributes to a political party or an electoral trust registered in India is eligible for a deduction for the amount paid
Treasurer of political party any person authorised by political party in this behalf has furnished a report of donations received in excess of Rs 20 000 to Election Commission of India for the financial year on or before due date for filing the return of income for such financial year under Section 29C of RPA
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If the parties do not submit an annual report of donations received above Rs 20 000 they would not be eligible for tax relief under Section 29C of the RPA Is there a limit on contributions According to Section 293A of the Companies Act company donations should not exceed 5 per cent of its average net profit over the past three years
Section 80GGC of the Income Tax Act allows taxpayers to avail of tax benefits for their contributions to political parties Hence if you meet certain eligibility criteria you can claim an 80GGC deduction while filing the ITR
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Rs 2 000 Is Maximum Cash Donation To Political Party By Individual
Donation To Political Party Get Deduction Under Income Tax 80GGB
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https://cleartax.in/s/section-80ggb
To encourage more contributions towards political parties there is a provision of exemption from taxation under Section 80GGB This section of the Income Tax Act 1961 mainly deals with donations and contributions made by Indian Companies towards political parties or electoral trusts Tax Deductions under Section 80GGB
https://taxguru.in/income-tax/contribution...
Section 80GGC of the Income Tax Act provides tax deductions for contributions made to political parties The amount of deduction that can be claimed depends on the mode of payment If the donation is made in cash the maximum deduction that can be claimed is Rs 2 000
To encourage more contributions towards political parties there is a provision of exemption from taxation under Section 80GGB This section of the Income Tax Act 1961 mainly deals with donations and contributions made by Indian Companies towards political parties or electoral trusts Tax Deductions under Section 80GGB
Section 80GGC of the Income Tax Act provides tax deductions for contributions made to political parties The amount of deduction that can be claimed depends on the mode of payment If the donation is made in cash the maximum deduction that can be claimed is Rs 2 000
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