List of political parties under 80ggc
Web2 aug. 2016 · 7. The Chief Minister's Earthquake Relief Fund, Maharashtra. 8. Donations made to Zila Saksharta Samitis. 9. The National Blood Transfusion Council or a State Blood Transfusion Council. 10. The ... Web15 jul. 2024 · Therefore, you can claim any amount of deduction for donations/contributions made to political parties or electoral trusts under section-80GGC. Donations made to a political party or electoral trust is 100% tax deductible. It is to be noted that deduction allowable under this section cannot exceed the total taxable income of the assessee.
List of political parties under 80ggc
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Web26 jun. 2024 · After scrutiny, the ECI has taken action against more than 2,100 registered unrecognised political parties for flouting rules. Uttar Pradesh-based Jan Raajya Party, … Web13 jun. 2024 · Under Section 80 GGC, donations made to the electoral trust are also eligible for claiming the deduction. Any person can receive the donation, except someone …
Web2 dagen geleden · Nagpur: The fallout of last year’s income tax action against bogus donations to political parties is also been seen in Nagpur these days. ... The department is seeking a reply that why a notice under section 148 of the income tax act should not be issued to them. ... Web10 apr. 2024 · However, in a case where the addition is made under section 115 BBE, the penalty shall be restricted to 10% of the tax. Considering a donation of Rs. 1 Lakh made by the tax payer and in a case where he fails to prove the genuineness of the donation to the political party, the tax outgo including interest and penalty can range between Rs. …
Web8 sep. 2024 · Sources stated that section 80GGC of Income Tax says that an individual can donate any amount to any political party registered under section 29A of the Representation of the People Act. Web4 apr. 2024 · Section 80GGC deals with the benefit to those making donations to a political party. However, all donations to a political party are not eligible for benefit under this …
WebThe following groups are specified under Article 80GGC to make a political contribution - individual, Individual Hindu Family (HUF), company, AOP or BOI and Legal Practitioner. Last person on the list must not be sponsored by the government. Tax benefits can also be made by making donations to many political parties instead of just one.
WebThe maximum tax deduction against donations to a political party or electoral trust under Section 80GGC is 100%. However, as this Section is under Chapter VIA deductions, the total deduction amount cannot exceed an individual's total taxable income. Moreover, tax deductions are not valid on TDS on a taxpayer's salary. simplicity\\u0027s rjWeb28 sep. 2024 · Deduction Under Section 80GGC Individuals who contribute to any political party or electoral trust may avail tax deduction up to 100% of their contribution to that … raymond ianniWeb19 dec. 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 … raymond ia populationWebThe amount that can be deducted from taxes has no upper limit. A qualifying firm may deduct any sum given to a registered political party (under Section 29A of the RPA, … raymond iadsWebSECTION 80GGC. SECTION 80GGB. The advantages are only accessible to certain taxpayers. Benefits apply to corporations. Any Indian corporation that contributes any amount to a political party or an electoral trust registered in India can claim a tax deduction for the amount contributed under Section 80GGB of the Income Tax Act 1961. simplicity\\u0027s rlWebUnder Section 80GGB of the Income Tax Act, 1971 no higher limit should be applied to contributions made to political parties. However, businesses are provided to contribute up to 7.5% of their annual net profit under the Companies Act of 2013. Amount contributed to the political party has to be registered in the profit and loss statement. simplicity\u0027s riWeb19 uur geleden · Section 80GGC Deduction Section 80GGC deduction of the Income-tax Act is allowed from gross total income of an individual assessee for contributions made to a political party or an electoral trust. The entire amount of contribution made under Section 80GGC will be eligible for tax deduction. raymond iaia esq