[aaykarbhavan] Contribution not to be in cash for deduction u/s. 80GGB & s. 80GGC

Under the existing provisions of section 80GGB, any sum contributed by an Indian company to any political party or an electoral trust in the previous year, is allowed as deduction in computing the total income of such Indian company. A similar deduction is available to an assessee, being any person other than local authority and artificial juridical person under section 80GGC. There is no specific mode provided for making such contribution.

With a view to discourage cash payments by the contributors, it is proposed to amend the provisions of aforesaid sections, so as to provide that no deduction shall be allowed under section 80GGB and 80GGC in respect of any sum contributed by way of cash.

This amendment will take effect from 1^st April, 2014 and will, accordingly, apply in relation to the assessment year 2014-15 and subsequent assessment years.

 

Regards

Prarthana Jalan

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