Deduction restriction for political contributions bars deductions for cash donations under section 80GGC, effective next assessment year. The Bill inserts a proviso disallowing any deduction under the relevant provision in respect of sums contributed by way of cash to political parties or ... Summary
Deduction restriction for political contributions bars deductions for cash donations under section 80GGC, effective next assessment year.
The Bill inserts a proviso disallowing any deduction under the relevant provision in respect of sums contributed by way of cash to political parties or electoral trusts, thereby restricting deductible contributions to non-cash modes of payment; the amendment takes effect from 1 April 2014 and applies to assessment year 2014-15 and subsequent years.
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