80ggc of income tax act 1961

Section 80gg of income tax act rent paid paisa bazaar. Section 80ggc deduction under section 80ggc finserv markets. Deduction in respect of contributions given by any person to political. New tax saving options other than 80c fy 2014ay 201415 tax saving options under 80d, 80dd, 80ddb, 80e, 80g, 80gg, 80ggc, 80u, 80ccg, 80gga, 80tta. Where any sum is found credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source.

Section 80gga of the income tax act pertains to deductions one can claim in lieu of donations towards rural development or scientific research. Section 80ggc check eligibility criteria bankbazaar. Because each citizen of india gets impacted by it, and like me every individual waits every year in the budget that. Click here to know income tax salb rates fy 201415ay 201516 and also see 80c tax deductions. All air prevention and control of pollution act, 1981 apprentices act, 1961 arbitration and conciliation act, 1996 banking cash transaction tax black money undisclosed foreign income and assets and. Section 80ggc of the income tax act provides a deduction to an. Income tax act 1961 complete act citation 530 bare. Incometax tax collected by the central government for each financial year on the total taxable income of an assessee earned during the previous year is called incometax. In computing the total income of an assessee, being any person, except local authority and every artificial juridical person wholly or partly funded by the government, there shall be deducted any amount of contribution made by him, in the previous year, to a political party 17 or an electoral trust. An individual can claim a deduction of up to rs 25,000 for the insurance of self, spouse, and. Deduction under section 80ggb and 80ggc of income tax act. As per the income tax act, an individual can donate as much as 10% of his or her gross earning to any political.

Section 80ggc does not specify any monetary tax deduction limit. Section 80ggc of the income tax act provides a deduction for taxpayers who have made donations to political parties. Under section 80d of income tax act, an individual can the claim deduction for the following medical expenses during the financial year medical insurance premium paid by you through any mode of. Thursday, april 9, 2015 section 80gga of income tax act. Aug 12, 2018 taxability of prepaid sodexo coupons under salary income. Section 80gga of the income tax act pertains to deductions one can claim in lieu of donations towards rural. This section provides deductions to those individuals who dont get any benefit of the amount paid towards rented accommodation by any. If you dont receive hra house rent allowance but pay rent, you can still get a tax deduction on the rent paid under section 80 gg of the income tax act, 1961. The cashless amount that is donated to any political party registered under section 29a is eligible for 100% deductions. Applicability of section 1823 of the companies act, 20. Section 80ggb and 80ggc of the incometax act, 1961 mainly deals with donations and contributions made by an individual taxpayer and indian companies towards political parties. Section 80ggc of income tax act tax deduction indiafilings.

Section 80ggc of income tax act, 1961 offers tax benefits on donations made by any individual to political parties subject to certain conditions. Most ignored section 80gg deductions in respect of rents. This probably, is the reason why the government has given tax benefits on donations. Income tax case laws section wise containing decisions of supreme court, high court, tribaul, cestat, cegat, aar, advance ruling authority etc. Deduction under section 80ggc of income tax act taxguru. If you are aware of various tax dedcutions provided by the government, you can save more money on taxes. You are eligible for the tax deduction whether the premium is paid for a health insurance policy that belongs to you, your spouse, children, or dependent parents. The income tax deduction reduces your gross total income means the. Section 80 rrb of income tax act deduction in respect of royalty on patents section 80rrb. List of tax deductions under section 80 of income tax. Any sum contributed by an indian company to any political party or an electoral trust in the previous year, is allowed as deduction in computing the total income of such indian company. It has been introduced to provide relief to those individuals who do not receive any house rent allowance but are paying rent for the stay. The most important section of entire income tax act in india is section 80.

The maximum deduction permitted under section 80 gg. Section 80ggb and 80ggc of income tax act 1961 deduction in respect of contributions given by companies to political parties and deduction in respect of contributions given by any person to. An enterprise or a company may make a donation to a political party or parties and also claimed the amount for tax deduction under the section 80ggb, of the indian income tax act, 1961. Section 80gg is a little ignored section of the income tax act, 1961. The deduction falls under chapter via of the income tax act, 1961, which stipulates that the total amount of tax deductions cannot be more than the complete assessable income of the person. Given income tax act sections list includes revised, omitted and newly added tax rules. Because each citizen of india gets impacted by it, and like me every individual waits every year in the budget that what benefits are announced by finance minister of india under section 80c, 80ccc, 80ccd and 80d of income tax act. Section 80g has been in the law book since financial year 196768 and it seems its here to stay. Income tax deduction in respect of contributions given by. As per the provisions of section 80g of the income tax act, 1961, tax deduction can be claimed for donations to various charitable organisations. The incometax act, 1961 is the changing statute of income tax in india. In computing the total income of an assessee, being any person. Section 80c of incometax act, 1961amended by finance act, 2016 deduction in respect of life insurance premia, deferred annuity, contributions to provident fund, subscription to certain equity. Section 80ggb deductions donations to political parties cleartax.

Chapter via sections 80a80u of income tax act, 1961 deals with provisions related to deductions to be made in computing total income. According to section 80d of income tax act, you can avail tax deduction, based on the premium paid for a health insurance policy. Deduction in respect of contribution to pension scheme of central government. This section of the income tax act 1961 mainly deals with donations and contributions made by indian companies towards political parties or. Section 80ggc of incometax act 19612017 deduction in.

The government of india brought a draft statute called the direct taxes code intended to replace the income tax act,1961 and the wealth tax act, 1957. Section 80gga, 80ggb and 80ggc of income tax act posted on. Agreement between the government of india and the government of afghanistan through exchange of letters for the avoidance of double taxation of income of. This can range from 50% to 100% of the amount contributed. Section 80a of incometax act 19612017 deductions to be. Under section 80ccc of income tax act 1961, an individual can claim tax deduction for contributions made to certain pension funds. The deductions must be made only by individuals and not by corporations or institutions. Scholarship exemption section 1016 income tax act 1961.

The income tax act of 1961 forms the cornerstone for taxation rules and regulations in the country, helping both authorities and taxpayers understand the nuances involved in this complicated process. Income tax act 1961 chapter via citation 23259 bare act. Provided that no deduction shall be allowed under this section continue reading section80ggb, incometax act, 1961. List of sections of income tax act 1961 download pdf. Section no section heading 1 short title extent and commencement 2 definitions 3 previous year defined 4 charge of income tax 5 scope of total income 5a apportionment of income. Section 80 a of income tax act deductions to be made in.

How to claim tax deduction on rent paid section 80gg. Section 80ggc provides deduction towards donations contribution made to a political party or an electoral trust. Section 80ggc deduction under section 80ggc finserv. Taxable income reduces by the amount of donation made to eligible parties. Section 80ggc of the income tax act provides tax deductions for contributions made to political parties. Deductions under chapter vi a of income tax act for fy. In this video we have covered 8 deductions of chapter via of income tax act, 1961. Section 80ggc of income tax act 1961 2017 provides for deduction in respect of contributions given by any person to political parties.

Income tax online software income tax excel softwaredownload updated on. Section 80ggc under the income tax act, 1961 provides tax deduction benefits on donations made by any individual to political parties subject. Apr 11, 2014 please refer section 80g of income tax act 1961 to know about notified schemes for understanding example 1. Lot of institutions caught up with scientific activities, preserving natural resources, carrying rural development programmes run on charitable donations as well as grants. Deduction in respect of contribution given by indian companies to political parties under section 80ggb of income tax act, 1961. Section 80ggb 80ggc of income tax act deduction in respect. Political party means a political party registered us 29a of the representation of the people act, 1951 43 of 1951. Mar 31, 2020 section 80ggc has been specified under the income tax act of 1961 for the benefit of those who make donations to political parties. One must note the eligibility criteria and the deduction limit for availing the tax deduction. Lot of institutions caught up with scientific activities, preserving.

Tax benefits to individuals on political donations. The maximum deduction that can be claimed under this section is rs. Income tax deductions under section 80d of income tax act, 1961. Mar, 2020 in computing the total income of an assessee, being an indian company, there shall be deducted any sum contributed by it, in the previous year to any political party or an electoral trust. Income tax deductions under section 80d of income tax act. Deduction in respect of contributions given by any person to political parties. Section 80ggc under the income tax act, 1961 provides tax deduction benefits on donations made by any individual to political parties subject to certain conditions. Supporting politics earns you bonus from a less expected quarter the income tax department. The deduction to certain funds and charitable institutions is allowed to any taxpayer, on the qualifying amount that is limited to 10 per cent of gross total income of. Section 80ggc, incometax act, 19612015 in respect of deduction in respect of contributions given by any person to political parties. Income tax act 1961 chapter via citation 23259 bare. As per section 80ggc, of the income tax act, 1961 deduction in respect of contributions given by any person to political parties.

This section provides deductions to those individuals who dont get any benefit of the amount paid towards rented accommodation by any other means of provisions of this act. Under section 80ggc individuals can avail of tax deductions that range from 50% 100% of the contribution amount. It should be noted that there is no upper limit specified under section 80ggc, which means any amount contributed to a political party can be claimed as a tax deduction. Summary of income tax act,1961 at a glange students. The salaried individuals who make donations grants to such organisations may claim tax benefits under section 80gga. Section 80ggb and 80ggc of income tax act 1961 deduction in respect of contributions given by companies to political parties and deduction in respect of contributions given by any person to political parties are defined under section 80ggb and 80ggc of income tax act 1961. Section 80ggb 80ggc of income tax act deduction in. There is a provision of 100% exemption from taxation. How to claim tax deduction on rent paid section 80gg last updated on march 21, 2017 by editorial staff section 80gg of income tax act, 1961 is applicable to a self employed person. The amount donated towards charity attracts deduction under section 80g of the income tax act, 1961. A deduction from an income tax point of view is the investmentexpenditure that helps in reducing the tax payable. Section 80ddb of the income tax act can be used by resident individuals and hufs and offers provisions for income tax deductions on the expenditure incurred by familyan individual towards medical treatment of a particular disease.

Disclosure related to amount contributed to political party. May 30, 2019 download the list of sections of income tax act, 1961 in pdf and excel format. There are certain conditions and criteria which have to be followed by the individual for the said benefits. Section 80rrb of income tax act 1961 deduction in respect of royalty on patents is defined under section 80rrb of income tax act 1961. Section 80c of incometax act, 1961amended by finance act, 2016 deduction in respect of life insurance premia, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, etc. Apr 09, 2015 section 80gga, 80ggb and 80ggc of income tax act posted on. Deductions under section 80c to 80 u of income tax act 1961. Section 80ggc of income tax act 19612017 provides for. Income tax act, 1961 on 80g section 80g the deduction to certain funds and charitable institutions is allowed to any taxpayer, on the qualifying amount that is limited to 10 per cent of gross total income of the assessee reduced by income deducted under any section.

Any individual can make donations to political parties subject to certain conditions according to section 80ggc of the incometax act, 1961. Section 80c, 80ccc, 80ccd and 80d of income tax act 1961. Deduction under section 80gga of the income tax act, 1961 is available to all the taxpayers in respect of donations made for specific scientific, social or statistical research or rural development. The income tax act of 1961 forms the cornerstone for taxation rules and regulations in the country, helping both authorities and taxpayers understand the nuances. Tax saving options us 80d 80dd 80ddb 80e 80g 80gg 80ggc 80u. Sep 26, 2019 the most important section of entire income tax act in india is section 80.

Income tax deduction income tax standard deduction 2019. Section 80gga of income tax act lot of institutions caught up with scientific activities, preserving natural resources, carrying rural development programmes run on charitable donations as well as grants. Aug 15, 2018 this probably, is the reason why the government has given tax benefits on donations. In computing the total income of an assessee, being an indian company, there shall be deducted any sum contributed by it, in the previous year to any political party or an electoral trust. Vide finance act 2009, deduction under section 80ggc was introduced mainly with an objective of achieving transparency into the electoral funding system and also reducing corruption to some extent. A complete guide about income tax act, 1961 in india. Donations made to political parties can be claimed for tax deduction under section 80ggc. All air prevention and control of pollution act, 1981 apprentices act, 1961 arbitration and conciliation act, 1996 banking cash transaction tax black money undisclosed foreign income and assets and imposition of tax act, 2015 central boards of revenue act, 1963 charitable and religious trusts act, 1920 charitable endowments act, 1890. The amount deducted can range from 50% to 100% of the amount contributed. Income tax return due date extended to 31st august, 2018. Get all the details about income tax act, 1961 section wise, chapters wise and all income tax act rules. Section 80a of income tax act 19612017 provides for. There are certain conditions and criteria which have to. While there is no absolute limit on the amount that you can donate, there are limits depending on which type of organisation you are making monetary donations to.

Section 80ddb of the income tax act can be used by resident individuals and hufs and offers provisions for income tax deductions on the expenditure incurred by familyan individual towards. Section 80 a of income tax act deductions to be made in computing total income section 80a. Sep 01, 2017 income tax act 1961 deduction us 80g part2. An individual can claim a deduction of up to rs 25,000 for the insurance of self, spouse. Section 80ggc of the income tax act deals with any contributions made by an individual to a political party. Lets go through all the tax deductions available under section 80 of the income tax act, 1961. Latest income tax act sections list has been provided for finance people. The tax benefit is only for payments in the form of premium for any annuity plan of lic or any other insurer. Jan 30, 2020 section 80ggb and 80ggc of the income tax act, 1961 mainly deals with donations and contributions made by an individual taxpayer and indian companies towards political parties. The present article covers the detailed explanation on deduction available under section 80gga. Income tax deduction income tax standard deduction 2019 2020. How to file income tax return without using any software.