Web3 Mar 2024 · Section 80C – Income Tax Saving on Investments & Payments. Section 80C allows deduction on certain investments and expenses mentioned under the Income Tax Act. The maximum limit for this deduction is INR 1,50,000. ... Indian companies can avail of 100% of their contribution to the political party or electoral trust under section 80GGB. … WebA, in his income tax return, claims a deduction in respect of self-occupied property and pays rent for a place in which he ordinarily resides but not of his own, he shall not be able to claim deduction under 80GG section. Quantum of deduction shall be the least of the following: Actual Rent paid minus 10 percent the adjusted total income.
Deduction For Donation Or Contribution Made To Any Political
Web19 Aug 2024 · 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 Public Political Party (PPP). The cashless amount that is donated to any political party registered under Section 29A is eligible for 100% Income Tax deductions. Section 80GGB Web13 Apr 2024 · You can claim rent even if the house you are renting out is semi-furnished or fully-furnished. Under this section, you can claim the least of the below applicable amounts: Rs. 60,000 annually (Rs. 5,000 monthly) The amount that is equal to the total rent paid minus 10% of the total income. 25% of annual salary. fishing in maine ocean
Is 80G or any other certificate required to receive donation by ...
Web15 Jul 2024 · There is no prescribed limit of deduction under section-80GGB of the Income Tax Act. Therefore, An Indian Company can claim deduction of any amount contributed to political parties or electoral trusts. Donations made to political parties or electoral trusts are 100% tax deductible. WebSection 80GGB of Income Tax Act "Deduction in respect of contributions given by companies to political parties" 80GGB. 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: Web22 Jun 2024 · Section 80G under Chapter 6A of the Income Tax Act allows 100% tax deductions for donations to certain charitable institutions and funds. The deduction amount is based on the category of funds receiving donations- 100% of total donation, 50% of the total donation and 100% and 50% of donation with a 10% cap. For cash payments, tax … fishing in maine lakes