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Statutory Provisions

Home Acts & Rules Bill Bills FINANCE (No. 2) BILL, 2009 Chapters List Chapter III DIRECT TAXES This

Clause 34 - Amendment of section 80GGB - FINANCE (No. 2) BILL, 2009

FINANCE (No. 2) BILL, 2009
Chapter III
DIRECT TAXES
  • Contents

Amendment of section 80GGB.

34. In section 80GGB of the Income-tax Act, after the words "political party", the words "or an electoral trust" shall be inserted with effect from the 1st day of April, 2010.

 



 

Notes on Clauses:

Clause 34 of the Bill seeks to amend section 80GGB which relates to deduction in respect of contributions given by companies to political parties.

The existing provisions of the said section provides for deduction of any sum contributed by an Indian Company to any political party in the previous year while computing the total income of such Indian company.

It is proposed to amend the aforesaid section so as to bring "electoral trust" within the scope of the above said section so that contribution made by an Indian company to electoral trusts would also be eligible for deduction under that section.

This amendment will take effect from the 1st day of April, 2010, and will, accordingly, apply in relation to the assessment year 2010-2011 and subsequent years.

 
 
 
 

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