CA Ramanujan Sharma
Quick Summary
Text of the Section 80GGC of the Income Tax Act 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 y
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FAQ :
Section 80GGC allows an assessee, excluding local authorities and government-funded artificial juridical persons, to deduct any amount contributed to a political party or electoral trust from their total income.
No, there is no limit to the amount that can be contributed to a political party for claiming a deduction under Section 80GGC.
A deduction is allowed only if the contribution is made to a political party registered under section 29A of the Representation of the People Act, 1951, and the donation is not made in cash.
Local authorities and every artificial juridical person wholly or partly funded by the Government are not eligible for deductions under this section.
The donation must be made through a banking method, and the details of the donation receipt must be filled in the Income Tax Return (ITR). The receipt should be kept for future reference.
No, companies cannot avail of deductions under Section 80GGC; they may be eligible under Section 80GGB.
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