Taxation Exam > Taxation Videos > Income Tax for assessment (Inter Level) > Deduction us 80GGB and 80GGC
Deduction us 80GGB and 80GGC Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on Deduction us 80GGB and 80GGC Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What is the deduction under section 80GGB in taxation? |  |
Ans. The deduction under section 80GGB allows Indian companies to claim a tax deduction for contributions made to political parties or electoral trusts. This deduction is available under the Income Tax Act, 1961.
| 2. What is the deduction under section 80GGC in taxation? | |
Ans. The deduction under section 80GGC allows individuals to claim a tax deduction for contributions made to political parties or electoral trusts. This deduction is available under the Income Tax Act, 1961.
| 3. How much deduction can be claimed under section 80GGB? | |
Ans. Indian companies can claim a tax deduction of 100% of the amount contributed to political parties or electoral trusts under section 80GGB. However, the contribution must be made through a banking channel or a cheque.
| 4. Can individuals claim deduction under section 80GGB? | |
Ans. No, section 80GGB is specifically applicable to Indian companies. Individuals cannot claim deduction under this section. They can only claim deduction under section 80GGC for contributions made to political parties or electoral trusts.
| 5. Can the deduction under section 80GGC be claimed by non-resident Indians (NRIs)? | |
Ans. No, the deduction under section 80GGC is not available for non-resident Indians (NRIs). It is applicable only to resident individuals who make contributions to political parties or electoral trusts. NRIs are not eligible for this deduction.
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Nov 16, 2024 Last updated |
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