Tax Fraud In India ? | Politics
Tax Fraud In India ? | Politics #shorts
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 political parties.
The electoral bonds made by individuals or entities were tax-exempt under Section 80GG and Section 80GGB under the Income Tax Act, 1961. Political parties could accept the donations as per the provisions of Section 13A of the Income Tax Act.
Both individuals and companies can claim deduction on 100% of the amount donated by them to a political party under Section 80GGC and 80GGB respectively.
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