Sec 80ggc of income tax act 1961

Section 80ggc of the income tax act provides a deduction to an assessee, being any person, towards an amount contributed to either a. Tax rebate in case of individual resident in india, whose total income does not exceed rs. 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. Section 80gga deduction under section 80gga of income. Under section 80ggc individuals can avail of tax deductions that range from 50% 100% of the contribution amount. Section 23 of income tax act 19612017 provides for annual value how determined. Save the children india donation tax deduction limit. Section 80d of income tax act 1961 amended by finance act 2016 deduction in respect of health insurance premia. Section 80ggc under the income tax act, 1961 provides tax deduction benefits on donations made by any individual to political parties subject.

The term associated enterprise in relation to another enterprise is defined in section 92a1. What is deduction in respect of contributions given by any person to political parties. Thursday, april 9, 2015 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. List of sections of income tax act 1961 finance updates.

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. In computing the total income of an assessee, being any person. Section 80ggb 80ggc of income tax act deduction in respect of. Given income tax act sections list includes revised, omitted and newly added tax rules. Section 80ggc of the income tax act deals with any contributions made by an individual to a political party.

Section 80ggc of income tax act, 1961 offers tax benefits on donations made by any individual to political parties subject to certain conditions. This has been made possible by inserting a new section 87a in the income tax act of 1961. Section 80ggc provides deduction towards donations contribution made to a political party or an electoral trust it is worthwhile to note here that deduction under section 80ggc is covered under. Section 80ggb 80ggc of income tax act deduction in. This section provides tax deduction up to a maximum of rs.

The maximum deduction permitted under section 80 gg is rs 60,000 per annum rs 5,000 per month. What are the provisions of section 54 of the incometax. Section 80ggc check eligibility criteria bankbazaar. Section 80g of the it act allows donations made to specified relief funds and. 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. Donations to political parties by individuals sec 80ggc. Click here to know income tax salb rates fy 201415ay 201516 and also see 80c tax deductions. Income tax act 1961 section 129 change of incumbent of an. Section 35 of income tax act 19612017 provides special. Section 80ggc of income tax act tax deduction indiafilings. Any person except local authority and an artificial juridical person wholly or partly funded by the government.

Section 80c of incometax act, 1961amended by finance act, 2016 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. The highlight of budget 20 for common man was the tax rebate of rs 2,000 for people with income of less than rs 5 lakhs. I posted the income tax calculator for fy 2014 and. Section 3 in the income tax act, 1995 3 the persons referred to in clause c of sub section 1 and sub section 2 are the following, namely. Section 80c of incometax act, 1961 taxindiaupdates in. The income tax act, 1961 43 of 1961 last updated th december, 2019 12607. 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. 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 amount donated towards charity attracts deduction under section 80g of the income tax act, 1961. Section 80 a of income tax act deductions to be made in computing total income section 80a. 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 or an. 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.

As per the income tax act, an individual can donate as much as 10% of his or her gross earning to any political organisation of his or her choice. Section 80ggc has been specified under the income tax act of 1961 for the benefit of those who make donations to political parties. The income tax act, 1961 encourages charitable deeds and thus under section 80g, it offers donation tax benefits to the donors. 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. Return of income and procedure of assessment section 9 to 154 penalties under income tax act. Latest income tax act sections list has been provided for finance people. List of tax deductions under section 80 of income tax. Income tax online software income tax excel softwaredownload updated on. Section 80gg is a little ignored section of the income tax act, 1961. Any individual can make donations to political parties subject to certain conditions according to section 80ggc of the incometax act, 1961. Section 80c deductions on investments you can claim a deduction of up to rs. Section 80 a of income tax act deductions to be made in. List of income tax deduction under section 80c, 80ccg, 80d. Form form income tax application by a person for a certificate under sections 197 andor 206c9 of the incometax act, 1961, for no deductioncolle.

Tax saving options us 80d 80dd 80ddb 80e 80g 80gg 80ggc. Section 80d of income tax act 1961 amended by finance act. Under sec 80ggc deduction in respect of donation by any person to political party or electoral trust. The section 80u of income tax act 1961 takes care of deductions meant for the indian residents categorised into the disabled category as per the rules of the government. Section 80gga of the income tax act pertains to deductions one can claim in lieu of donations towards rural development or scientific research. Expenses borne by you under any central government health schemes. Deductions allowed under chapter via of income tax act 1961. Please refer section 80g of income tax act 1961 to know about notified schemes for understanding example 1. Allowable deductionsexemption under income tax, are given under chapter via of the income. This section of the income tax act 1961 mainly deals with donations and contributions made by indian companies towards political parties or electoral trusts. Section 35 of incometax act 19612017 expenditure on.

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. This probably, is the reason why the government has given tax benefits on donations. 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. Income tax act 1961 section 80a citation 23260 bare. Section 80ggc of the income tax act provides tax deductions for contributions made to political parties.

Tax benefits to individuals on political donations. In this video we have covered 8 deductions of chapter via of income tax act, 1961. Most ignored section 80gg deductions in respect of rents. Deduction in respect of contributions given by any. Section 80gga, 80ggb and 80ggc of income tax act posted on. If your answer is yes, then you could utilize these donations to gain income tax benefits. Deductions allowable to tax payer income tax department. How to claim tax deduction on rent paid section 80gg. It means an enterprise a which participates, directly or indirectly, or. Deduction under section 80g of income tax act, 1961 for.

Provisions of section 54 of income tax act, 1961 section 54 of incometax act, 1961 provides for tax exemption on long term capital gains that result from sale of residential house property, provided that the residential house was sold after 3 ye. As per section 80ggb of the income tax act, 1961, any indian company or enterprise that. Tax deduction under section 80gg of income tax act, 1961 shall be the minimum of the following amounts. Section 80u income tax deduction under section 80c. Section 80ccc of the income tax act, 1961, allows individuals to claim tax deductions for contributions made to certain pension funds. Summary and list of income tax deductions under section 80c, 80cca, 80ccc, 80ccd, 80ccf, 80ccg, 80d, 80dd, 80ddb, 80e, 80ee, 80g, 80gg, 80ggb, 80ggc, 80jjaa, 80qqb, 80rrb, 80tta to 80u of income tax act, 1961. There is a provision of 100% exemption from taxation under sec 80 ggb. Any type of assesse except local authority or body funded by government can avail the benefit.

Chapter iv sections 1459 of income tax act, 1961 deals with provisions related to computation of total income. Lets go through all the tax deductions available under section 80 of the income tax act, 1961. Download the list of sections of income tax act,1961 in pdf and excel format. Limit of tax deduction for house rent paid section 80gg. Inspite of all the contributions made to social causes, there is a huge gap between the demand of money from the needy and the amount donated by philanthropists. 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 payment other than cash.

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. Apportionment of income between spouses governed by portuguese civil code. Deduction under section 80ggc of income tax act taxguru. 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. Section 80g of the income tax act section 80g offers tax deductions for donations made to certain charitable funds and. Maximum amount of deduction 100% of amount donation to political party by any person. Are you eligible for rs 2000 tax rebate under sec 87a. Rent paid in excess of 10% of adjusted total income.

Any person who has been an indian resident for the year of assessment and has suffered from at least 40 percent disability as spelt out by the law, qualifies for tax deductions. As per the provisions of section 80g of incometax act, 1961, deductions are available for donations to certain notified funds, charitable institutions or other institutions funds set up by. Section 80ggb deductions donations to political parties cleartax. Income tax deductions under section 80d of income tax act.