WebApr 4, 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 section. The donations made u/s 80GGC are 100% tax- Deductible and there is no specific limit mentioned under the section. WebJan 30, 2024 · Who can claim 80GGC Deductions? Individuals may deduct up to 100% of their contributions to a political party or electoral trust from their taxes. As a result, the contribution paid to the relevant party is proportionately deducted from the person's overall taxable income.

Deduction in respect of contributions given to Political …

WebMar 22, 2024 · (1) The individual can claim deduction u/s 80C in respect of insurance premium paid by him in respect of a policy taken on the life of his son. Since the policy … WebThe full amount or 100% of the contribution made by an individual taxpayer to a registered political party or electoral trust can be claimed as a tax deduction under Section 80GGC of the Income Tax Act. However, the deduction cannot exceed the total income of the individual making the donation. Any donations or contributions made through cash ... tenz highlights

How Much Is My Standard Deduction? Internal Revenue …

WebFeb 22, 2024 · The deduction limit under Section 80GGC is Rs. 20,000 or the amount of donation made, whichever is lower. However, taxpayers must ensure that their donations are made through cheque or digital mode, and that … WebDonations made under Section 80GGA are eligible for 100% tax deduction. There is no upper limit to the amount one can donate to institutes which adhere to principles under this Section and the donations can be in the form of cash, cheque or drafts. Cash donations, however, have a maximum limit of Rs 10,000, with amounts higher than this not ... WebMay 10, 2024 · Deduction Limit- Although every donation is eligible for cash deduction, it must be ensured that the donation method should never be cash. 3. Exceptions to … triax technologies