Section 10 - Insertion of new sections 80GGB and 80GGC - Election And Other Related Laws (Amendment) Act, 2003

10. Insertion of new sections 80GGB and 80GGC. After section 80GGA of the Income-tax Act, the following sections shall be inserted, namely:- 80GGB. Deduction in respect of contributions given by companies to political parties. In computing the total income of an assessee, being an Indian company, there shall be deducted any sum contributed by it, in the previous year to any political party. Explanation .- For the removal of doubts, it is hereby declared that for the purposes of this section, the word contribute , with its grammatical variation, has the meaning assigned to it under section 293A of the Companies Act, 1956 (1 of 1956). 80GGC. Deduction in respect of contributions given by any person to political parties. In computing the total income of an assessee, being any person, except local authority and every artificial juridical person wholly or partly funded by the Government, there shall be deducted any amount of contribution made by him, in the previous year, to a political party. Explanation .- For the purposes of sections 80GGB and 80GGC, political party means a political party registered under section 29A of the Representation of the People Act, 1951 (43 of 1951). . SUBHASH C. JAIN, Secy. to the Govt. of India.