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Deduction for political contributions limited by capped share of company profits or gross income under tax rules. A deduction is allowed for contributions in a financial year to a political party or electoral trust, subject to a cap: for companies the cap is based on the average of net profits for the three immediately preceding financial years as determined under companies law provisions, and for other persons the cap is tied to gross total income from ordinary sources; 'contribution' is defined by reference to the meaning in section 293A of the Companies Act, 1956.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
<h1>Deduction for political contributions limited by capped share of company profits or gross income under tax rules.</h1> A deduction is allowed for contributions in a financial year to a political party or electoral trust, subject to a cap: for companies the cap is based on the average of net profits for the three immediately preceding financial years as determined under companies law provisions, and for other persons the cap is tied to gross total income from ordinary sources; 'contribution' is defined by reference to the meaning in section 293A of the Companies Act, 1956.
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