Question
Download Solution PDFSection 80 GGC of Income Tax Act is related with which one of the following?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is Deduction in respect of contribution given by any person to political parties.
Key PointsSection 80GGC:
- Section 80GGC allows for a deduction in respect of any amount contributed by an individual to a political party or an electoral trust. The deduction is available to all individuals, including salaried individuals and non-salaried taxpayers. However, it is important to note that this deduction is not available for contributions made by companies or any other type of taxpayer.
- The deduction under Section 80GGC is subject to certain conditions and limits. The contribution must be made through a mode other than cash, and the individual must retain a receipt or document evidencing the contribution. The maximum amount eligible for deduction is up to 10% of the individual's total income.
Hence, the correct answer is Deduction in respect of contribution given by any person to political parties.
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