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INCOME TAX EXCEL PROGRAMME FY 2024-25

From FY 2023-24 on words those who opted Old Regime after due date [ 31st July ] automatically converted into New Regime.
Those who opted New Regime after due date late fee of Rs.5,000, which shall be reduced to Rs.1,000 if your total income is below Rs.5 lakh.

Section 80GGC of Income Tax Act

Under Section 80GGC provides for tax deductions with respect to donations made by taxpayers towards political parties or any electoral trusts.

Any individual, Hindu Undivided Family (HUF), an AOP or BOI, a firm, and an artificial juridical person which is not wholly or partly funded by the government are eligible to claim deduction under this Section.

Political party must be registered under section 29A of the Representation of the People Act, 1951.

It is applicable only an Old Regime.

There is a certain limitation for deduction ::

  • 100% of a taxpayer’s donation to a registered electoral trust or political party can be claimed as deduction. The total deduction cannot surpass the total income of an individual donating.
  • Contributions or donations to political parties or electoral trusts in cash or kind are not eligible for tax deduction. This amendment was brought into effect from 2013-2014 onwards.
  • Contributions or donations should be made to political parties through legitimate banking portals, such as internet banking, credit cards, debit cards, cheques, demand drafts etc.. to claim deduction.
  • The receipt must contain following details like PAN, TAN, address of the political party, fund registration number, payment method, and donor name.

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