Section 80GGB of Income Tax Act, 1961

Section 80GGB of Income Tax Act, 1961

/ Income Tax / By

Deduction in respect of contributions given by companies to political parties

In computing the total income of an assessee, being an Indian company, there shall be deducted any sum contributed by it, in the previous year to any political party or an electoral trust:

Provided that no deduction shall be allowed under this section in respect of any sum contributed by way of cash.

Explanation.—For the removal of doubts, it is hereby declared that for the purposes of this section, the word “contribute”, with its grammatical variation, has the meaning assigned to it under section 293A80 of the Companies Act, 1956 (1 of 1956).

Related Posts

Definition of Relative under Income Tax Act

Income Tax / By /

Warning: Attempt to read property "post_type" on int in /home4/cabkgoya/public_html/wp-content/plugins/templately/includes/Builder/ThemeBuilder.php on line 236

Section 2(47) of Income Tax Act defines relative as follows:“relative”, in relation to an individual, means the husband, wife, brother or sister or any lineal…

Applicability of Income Tax Act, 1961

Income Tax / By /

Warning: Attempt to read property "post_type" on int in /home4/cabkgoya/public_html/wp-content/plugins/templately/includes/Builder/ThemeBuilder.php on line 236

BE it enacted by Parliament in the Twelfth Year of the Republic of India as follows :— Short title, extent and commencement. 1. (1) Income Tax…

Assessment of income of any other person under section 153C of Income Tax Act 1961

Income Tax / By /

Warning: Attempt to read property "post_type" on int in /home4/cabkgoya/public_html/wp-content/plugins/templately/includes/Builder/ThemeBuilder.php on line 236

(1) Notwithstanding anything contained in section 139, section 147, section 148, section 149, section 151 and section 153, where the Assessing Officer is satisfied that,— (a) any money, bullion, jewellery or other…

Search