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About Section 80GGC
For salaried employees, the details of donations made have to be known and sent to the employer to include the same under Form 16 which is given by the employer to the employee for filing the income tax return. The deduction made by the individual should be accepted and acknowledged by the political party. The party must provide a receipt of the deduction received by the individual. The PAN and TAN of the political party have to be provided by the individual while claiming a deduction under this section.
For deductions made by employees of an organisation, the employer should provide a certificate that the donation was made by the employee. The employee can thus claim a deduction if the employer provides a certificate that the deduction was made from the employee’s account only.
Thus, the employee should furnish his PAN, TAn, registration number with the party, name of the donor, mode of payment and amount paid to the political party to claim a deduction.
According to Section 80GGC, an individual can claim a deduction for an amount paid to political parties provided all the conditions are met. A hundred per cent deduction is allowed to individuals in this case.
According to Section 80GGB, companies that are Indian or any Indian company can claim a deduction for an amount it donates to political parties.
Both the sections are similar in nature, but the assessees differ in both the sections and thus the deduction amount that is qualified.
1. What documents are required to claim a deduction under Section 80GGC?
The taxpayer must submit the receipt received from the political party for the donation and contribution made towards the party. The taxpayer should also submit the income tax return that is filed by the assessee that contains all the details of the contribution made.
2. Can corporations or companies make political contributions?
yes, companies and corporates can make political contributions under Section 80GGB of the Income Tax Act,1961.
3. Maximum amount of deduction allowed towards contribution made to a political party?
a deduction of a hundred per cent is allowed towards contributions made to political parties.
4. Does Section 80GGC come under the chapter VI A deductions?
Yes, section 80GGC is covered under the chapter VIA deductions of the Income Tax Act,1961.
5. Which form has to be submitted for claiming deduction?
Form 10BA has to be submitted by the taxpayer to avail of a deduction under section 80GGC.
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