WebMar 22, 2024 · Under Section 80GGC of the Income Tax Act, the limit up to which a taxpayer can claim a deduction against a donation to political parties varies between 50% and … WebFeb 21, 2024 · The maximum / qualifying limit is 10% of the “adjusted gross total income”. Now use this formula to arrive at the amount of deduction =. a) Gross Qualifying limit = All donations made to category 2. b) Net Qualifying limit = This is 10% of the “adjusted gross total income”. c) Amount Deductible = 100%/50% of the donation amount subject ...
Tax Laws & Rules > Acts > Income-tax Act, 1961
Web80GGC. In computing the total income of an assessee, being any person, except local authority and every artificial juridical person wholly or partly funded by the Government, there shall be deducted any amount of contribution made by him, in the previous year, to a political party or an electoral trust : WebSection 80GGC of the Income Tax Act was introduced to make electoral funding transparent and free from corruption. Besides, it also encourages individuals to support the political … the bangle seller poem analysis
80GGC of Income Tax Act: Applicability and Eligibility …
WebJan 31, 2024 · 80GGC of Income Tax Act: Deductions Regarding Section 80GGC. A single person is permitted to contribute up to 10% of the gross annual income. 100% of the … WebSep 1, 2024 · Section 80GGB of the Income Tax Act, 1961 provides tax deduction facility to Indian companies on donations made to registered political parties or an electoral trust. Since there is no limit specified u/s 80GGB, any amount contributed to a political party can be claimed as a tax deduction. WebMar 22, 2024 · Under Section 80GGC of the Income Tax Act, the limit up to which a taxpayer can claim a deduction against a donation to political parties varies between 50% and 100%. Also, there is a limit on how much an individual can donate out of their income. It amounts to 10% of their gross earnings. 5. the grit store