WebFeb 27, 2024 · Features of Section 80GGC. Any amount (No limit) contributed to a political party is allowed as a deduction from total income. Deduction is allowed only when a political party is registered under section 29A of the Representation of the People Act, 1951 (43 of 1951) No deduction shall be allowed for the amount contributed in cash. WebSection 80GG is a special provision under Chapter VI-A of the Income Tax Act, 1961, which provides tax reprieve to those who do not avail house rent allowance. To become eligible … aclara technologies headquarters WebAn individual taxpayer can claim tax deduction under Section 80GGC. Thus, an employee who receives income through salary and earns no additional income from other … WebA complete guide on Section 80GGC of income tax act. Also find out the deduction under Section 80GGC for FY 2024 - 23 & AY 2024 - 24 from Goodreturns. aclara technologies locations WebJul 17, 2024 · The proof of the expenditure should be maintained for the confirmation of such procedures. Individuals who opt for tax deductions by supporting political parties, … WebFeb 28, 2024 · Below mentioned are the things one needs to keep in mind for availing deduction under 80GGC: As proof of the donation, the political party will issue a … aclaration WebMar 21, 2024 · Section 80GGC of the Income Tax Act, 1961 provides for a tax deduction for individuals or Hindu Undivided Family (HUF) who make contributions to a political party or an electoral trust. The deduction is available to individuals who do not have any income from business or profession and do not receive any house rent allowance.

WebSection 80GGB: For Companies. Any contributions by an Indian company to any political parties or an electoral trust shall be eligible for deduction while computing total income (Profit and Loss a/c). The company should maintain proof of such expenditure. Contribution in CASH is NOT allowed. By using Electoral bonds Scheme, Companies can donate ... WebSection 80GGC – Individual taxpayers can deduct donations given to an electoral trust or political party from their gross revenue under section 80GGC of the Income Tax Act. The entire donation amount made under … aqua fish world akurdi WebMar 22, 2024 · Procedure for Deduction Under Section 80GGC The procedure to obtain this deduction under Section 80GGC is easy. You have to file the Tax Return by … WebJan 27, 2024 · Section 80GGC – Contribution by any other Person – Political Contribution In computing the total income of an assessee, being any person, except local authority and … aclarate sebastian cortes WebSep 30, 2024 · Section 80GGC provides deduction towards donations / contribution made to a political party or an electoral trust. It is worthwhile to note here that deduction under … WebSep 28, 2024 · Sections 80GGB and 80GGC provide for an exemption from tax payments in order to encourage donations to political parties. The difference between the two … aqua fish shop mapplewell menu WebDec 19, 2024 · Here is the list of the 80GGC exemption limit: 100% of a taxpayer’s donation to a registered electoral trust or political party can be claimed. However, since this section is under Chapter VIA deductions, the total deduction cannot surpass the total income of …

WebSection 80GGC of the Income Tax Act allows any individual taxpayer to seek a deduction. Furthermore, donations that qualify for deductions under Section 80GGC must be made … aqua fish shop lancing WebJan 30, 2024 · Section 80GGC was introduced under the IT Act, 1961 to eliminate or at least significantly reduce this problem and make electoral funding more transparent. If you’ve … aqua fish tank for sale