Deduction for political contributions: limited proportion of company profits or gross income allowed under the Direct Taxes Code. A deduction is allowed for contributions to a political party or electoral trust, subject to a cap: for companies the cap is a specified proportion of the ... Summary
Deduction for political contributions: limited proportion of company profits or gross income allowed under the Direct Taxes Code.
A deduction is allowed for contributions to a political party or electoral trust, subject to a cap: for companies the cap is a specified proportion of the average net profit computed under the Companies Act for the three preceding financial years, and for other persons the cap is a specified proportion of gross total income from ordinary sources; the term "contribution" is defined by reference to the Companies Act.
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