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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Bill 2013 amends Section 80GGB of Income-tax Act, disallowing cash contributions to political parties for deductions.</h1> Clause 15 of the Finance Bill, 2013 amends section 80GGB of the Income-tax Act, which pertains to deductions for contributions by companies to political parties. The amendment introduces a proviso effective from April 1, 2014, disallowing deductions for contributions made in cash. Previously, Indian companies could deduct contributions to political parties or electoral trusts from their taxable income. This change applies to the assessment year 2014-15 and onwards, ensuring that only non-cash contributions are eligible for deductions.
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