Income Tax : Income Tax authorities are increasingly reopening assessments involving political donation deductions claimed under Section 80GGC....
Income Tax : This examines why deductions under section 80GGC are being questioned in assessments. The key takeaway is that compliance with sta...
Income Tax : The issue concerned whether deductions under section 80GGC could be denied solely on investigation inputs alleging accommodation e...
Income Tax : India's Income Tax Department initiates nationwide verification against bogus deduction and exemption claims, warning taxpayers of...
Income Tax : Understand tax benefits under Sections 80GGB & 80GGC for political donations, eligibility rules, compliance needs, and recent lega...
Income Tax : The Tribunal sent the issue of deduction for political donations back to the Assessing Officer after finding that bank transaction...
Income Tax : The Tribunal held that mere disallowance of deduction claimed under Section 80GGC does not automatically amount to misreporting of...
Income Tax : The Tribunal upheld disallowance of deduction under Section 80GGC after finding the political donation lacked genuineness. The rul...
Income Tax : The Tribunal held that notice under Section 148 was invalid as it was issued by an officer lacking jurisdiction. It relied on CBDT...
Income Tax : The Tribunal upheld disallowance of deduction where donations were routed back to donors through layered transactions. The key tak...
Gradually, the Indian Economy is getting digitalized and ultimately moving towards a cashless economy. Electronic transactions ensure a clear money trail and make it very difficult for tax evaders. In a bid to curb black money as well as limit the number of cash transactions, the Government from time to time has introduced many new […]
Every Political Party, whether big or small, need funds to run its’ election campaigns, advertise heavily and buy votes to win the elections. With elections around the corner in various Legislative Assemblies and the upcoming elections of Lok Sabha in 2019, the political funding flight is on the runway to take-off.
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 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 […]
