Section 80ggb of income tax act 1961 pdf

However, where in respect of any such sum, tax has been deducted in any subsequent year, or has been deducted during the previous year but paid after the due date specified in sub section 1 of section 9, such sum shall be allowed as a deduction in computing the income of the previous year in which such tax has been paid. Deductions allowable to tax payer income tax department. 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. 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. Income tax act 1961 complete act citation 530 bare. 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. Students taking ca intermediate ca ipcc exams or students preparing for.

As per the finance act, 2012, income tax is required to be deducted under section 192 of the income tax act 1961 from income chargeable under the head salaries for the financial year 2012 i. This section deals with the payment of compensation on acquisition of capital asset. Section 80c of incometax act, 1961 taxindiaupdates in. Income tax deductions under section 80d of income tax act. Apportionment of income between spouses governed by portuguese civil code. The place should be located in the tribal area in order that the employee may be eligible for exemption under section 1026 of the income tax act, 1961. List of sections of income tax act 1961 download pdf. Income tax act 94 of 1983 income tax amendment act 30 of 1984 income tax act 121 of 1984 income tax act 96 of 1985. However cash contributions shall not be allowed as deduction under his section. Section 80ggb of the income tax act, 1961 provides tax deduction facility to indian companies on donations made to registered political parties.

This type of deduction is covered in chapter via of the income tax act, 1961. Section 80ggb deductions donations to political parties cleartax. The excellent download file is in the format of pdf. In computing the total income of a previous year of any person, any income falling within any of the following clauses shall not be included 1 agricultural income. Download the list of sections of income tax act, 1961 in pdf and excel format. A deduction similar to section 80ggb is available to an assessee, being. The section guides or has set the law that must be followed while payment of income tax and deductibles based on compensation regarding capital asset. 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. Section 80ccc of the income tax act, 1961, allows individuals to claim tax deductions for contributions made to certain pension funds. The matter has been examined in consultation with the ministry of law. The income tax act states various tax exemptions against capital gains that saves the tax for the assessee. The cashless amount that is donated to any political party registered under section 29a is eligible for 100% deductions. Section 200 of income tax act duty of person deducting tax section 200. How should i reply to 36 of the it act 1961 notice.

Deduction in respect of contributions given by companies to political parties. Be it enacted by parliament in the twelfth year of the republic of india as follows. 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 under section 80ggb. Section 194 of income tax act understanding section 194l of income tax act 1961. 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. There are certain conditions and criteria which have to be followed by the individual for the said benefits. Section 80ee first came into force during the financial year 2014 for individual taxpayers to avail deductions on interest on home loans. Lot of institutions caught up with scientific activities, preserving natural resources, carrying rural development programmes run on charitable donations as well as grants. Deduction under section 80ggc of income tax act taxguru. Exemption from payment of income tax under section 1026. Exemption under section 11 of income tax act, 1961. According to section 10 of the income tax act 1961, the salaried employees are entitled to enjoy the tax exemption.

One must note the eligibility criteria and the deduction limit for availing the tax deduction. Chapter iv sections 1459 of income tax act, 1961 deals with provisions related to computation of total income. Updating and uploading of all central acts available on this web page is the proprietary of the legislative department in the ministry of law and justice. Income tax act 58 of 1962 south african government. What is deduction in respect of contributions given by any person to political parties.

Section 360 of the code of criminal procedure, 1973, and the probation of offenders act, 1958, not to apply. Deduction in respect of contributions given by any. As per the section 80ggb of the income tax act 1961, any indian company or enterprise that donates to a political party or an electoral trust registered in india can claim for a tax exemption or deduction from the amount contributed by it. Section 153b of income tax act timelimit for completion.

The act has been amended and reamended so drastically that it has become very complicated for the administering authorities as well as for the tax payers. Submissions on income tax exemptions given to political parties. Section 80a of the income tax act specifies that the amount of such deductions shall not exceed the amount of gross taxable income of the assessee. The income chargeable under the head salaries shall be computed after making the following deductions, namely.

Applies to the whole of india including sikkim and jammu kashmir. Section 153b of income tax act timelimit for completion of assessment under section 153a section 153b. Summary of sections income tax act 1961 is available for download at the excellent download file is in the format of pdf. Latest income tax act sections list has been provided for finance people. The position is that the source of income of the government servant is at the place where the services are rendered. Income tax act 1961 section 179 liability of directors of. This section provides tax deduction up to a maximum of rs. Section 80ggc has been specified under the income tax act of 1961 for the benefit of those who make donations to political parties. Supreme court on substantial question of law 4 261. Ppt income tax act 1961 powerpoint presentation free.

All about the new section 269su of the income tax act, 1961. I preliminary section 1 short title, extent and commencement section 2 part a definitions clause 1 to clause 15 advance tax to charitable purpose section 2 part b definitions clause 15a to clause 30 chief commissioner to nonresident section 2 part c definitions clause 31 to clause 48. Exemption under section 11 of income tax act, 1961 section 11 of income tax act, 1961 provides exemptions for income earned from property held under charitable trustssocieties for the activities carried out on charitable or religious purposes subject to certain terms and conditions. Deduction under section 80g of income tax act, 1961 for. 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. As per section 80ggb of the income tax act, 1961, any. The amount donated towards charity attracts deduction under section 80g of the income tax act, 1961. Section page contents division one 111 income tax act, 1961 page u arrangement of sections i3 u text of the income tax act, 1961 as amended by the finance act, 2011 1. Section 10, incometax act, 1961 2015 chapter iii incomes which do not form part of total income incomes not included in total income. Given income tax act sections list includes revised, omitted and newly added tax rules. Section 80gga, 80ggb and 80ggc of income tax act posted on.

Section 80c of incometax act, 1961 amended 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. Section 10 exemptions under section 10 of income tax act. Provided that no deduction shall be allowed under this section continue reading section 80ggb, income tax act, 1961. 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. This probably, is the reason why the government has given tax benefits on donations. 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. Section 16 of income tax act 1961 2017 provides for deductions from salaries. This section is basically details and rules of the donations provided by indian companies to any political party or parties or even an electoral trust. There is a major difference between both the exemptions of the tax. Individuals and hufs, who are residents of india, can claim deduction under this section. Under section 80ddb of the income tax act, 1961, taxpayers can claim deduction for medical treatment of certain specified ailments for self or dependent. Thursday, april 9, 2015 section 80gga of income tax act.

Under the section 80ggb the company receives 100% deduction is permitted from the income of the assessee based on the donation amount given to the political parties. How to download form 16 part a from tds cpc website. Two of the major capital gains exemptions are stated under section 54 and section 54f. The available tax deduction limit under section 80ee is over and above of what has been provided under section 80c and section 24 of the income tax act, 1961. Section 80ee of income tax act, 1961 know how can it. Deduction under section 80ggb and 80ggc of income tax act. List of sections of income tax act, 1961 in excel format. Section 80ggb and section 80ggc both covers deduction towards contribution donation made either to a political party or to an electoral. As per the provisions of section 80g of income tax act, 1961, deductions are available for donations to certain notified funds, charitable institutions or other institutions funds set up by the government of india. Act, 1961 and when the meaning given in amended section 21 now section 21a was considered, profits and gains arising out of sale of agricultural land would not be agricultural income and hence would not fall under entry 46 or any other entry in state list regarding which only state legislature would have exclusive power to legislate.

The objective of section 10 of the income tax act is to reduce the burden of the different structure of the tax such as rent allowance, allowance for children education, travel allowance, gratuity and so on. Section 16 of incometax act 19612017 deductions from. Member strength 31,02,083 and growing get latest updates. 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. Section 80gga of the income tax act pertains to deductions one can claim in lieu of donations towards rural development or scientific research.

Section 80ggb tax deduction under section 80ggb paaisabazaar. To directly answer your question, you should provide all the information asked for in the notice. Timelimit for completion of assessment under section 153a and assessment of income of any other person are defined under section 153b and 153c of income tax act 1961. One must produce the following documents which are required to avail the tax deduction. Rebate of income tax in case of individuals of sixtyfive years or above omitted. Section 3 of the income tax act, 1961 act grants power to tax authorities to call for any information. Section 80ggb 80ggc of income tax act deduction in respect of. 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. For meaning of the term assessee, see taxmanns direct taxes manual, vol. Text of remaining provisions of allied acts referred to in income tax act 1. Chapter vi a of the income tax act 1961 specifies in detail the permissible deductions from the gross total income under section 80c to 80u of the income tax act.