List of political parties under 80ggc

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 Section 80CCG is tax-deductible. The deduction percentage, must not be greater than the overall taxable income. 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, …

ECI weeds out political parties indulging in fraudulent transactions ...

Web19 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 … Web30 jan. 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 donated money to any political party or electoral trust, you are allowed to claim deductions on the same under this section. Here are 3 things you should know about Section … porsha fight https://techmatepro.com

Deduction in respect of contributions given to Political …

Web30 jan. 2024 · Section 80GGB and 80GGC of the Income-tax Act, 1961 [1] mainly deals with donations and contributions made by an individual taxpayer and Indian Companies towards political parties. The cashless amount that is donated to any political party registered under Section 29A is eligible for 100% deductions. Section 80GGB 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 … WebUnder 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. porsha free font

Section 80GGC - Donation to Political Parties by Individuals

Category:Section 80GGC - Donation to Political Parties by Individuals

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List of political parties under 80ggc

Section 80GGC of Income Tax Act - Fincash

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. … Web24 mrt. 2024 · Donation To Political Party Deduction. 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 an individual donating. People Also …

List of political parties under 80ggc

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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. WebExplanation. —For the purposes of sections 80GGB and 80GGC, “political party” means a political party registered under section 29A of the Representation of the People Act, …

WebRashtriya Lok Dal (AJIT SINGH) 18. TMC (M) Tamil Maanila Congress (Moopnar) 19. LT CONG. Lok Tantric Congress. 20. ABHM. Web—For the purposes of sections 80GGB and 80GGC, “political party” means a political party registered under section 29A of the Representation of the People Act, 1951 (43 of 1951). 17. Inserted by the Finance (No. 2) Act, 2009, w.e.f. 1-4-2010. 18. Inserted by the Finance Act, 2013, w.e.f. 1-4-2014.

Web14 jan. 2024 · A party seeking registration under the said Section with the Commission has to submit an application to the Commission within a period of 30 days following the date of its formation as per guidelines prescribed by the Commission in exercise of the powers conferred by Article 324 of the Constitution of India and Section 29A of the … Web20 jun. 2024 · Submitted September 28, 2024. List of political parties registered from 01.04.2024 to 19.08.2024. By Political Party Division. 1. United Socialist Party. 2. …

Web2 dagen geleden · Donation to any registered political party bring an income tax deduction under section 80GGC. However, during the raids, it was found that the amount taken as donation through cheque was returned ...

Web30 dec. 2024 · Section 80GGC under the Income Tax Act, 1961 provides tax deduction benefits on donations made by any individual to political parties subject to certain … porsha from housewivesWeb5 mei 2012 · Listed below are some little-known tax benefits that can help you save a considerable amount in taxes every year. Contributions to a political party If you have contributed any amount to a recognised political party, you are eligible to claim a tax deduction ranging from 50 percent to 100 percent of the amount under Section 80GGC … porsha from housewives of atlantairish hour radio chicagoWeb2 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 ... irish house bandraWeb#CASansaar #IncomeTax #80GGC100% Deduction allowed to Individual / Companies by Donation to Political Parties under section 80GGB / 80GGC of the Income Tax A... irish house builders associationWeb19 uur geleden · Individuals who make contributions towards a political party can avail deductions for the same under Section 80GGC in the range of 50% - 100% of the contributed amount. As per the rules of the ... porsha from real housewivesWeb13 apr. 2024 · As per Section 80GGC, an individual can make a donation or contribution only to the following entities: An electoral trust Any political party registered under … porsha gaughen