Contribution made or given other than by way of cash by an Indian company in the previous year to any political party or to an electoral trust shall be allowed as deduction while computing its total income under section

CS Executive · Tax Laws and Practice · PYQS · December 2018
Contribution made or given other than by way of cash by an Indian company in the previous year to any political party or to an electoral trust shall be allowed as deduction while computing its total income under section 80 GGB of Income Tax Act, 1961 of an amount maximum or upto :
(A) ₹50,000
(B) ₹1,50,000
(C) No monetary ceiling limit
(D) None of the above

Answer & Explanation:

Correct Answer: Option (C)

Official answer key: (C). Official source note: Contribution made or given other than by way of cash by an Indian company in the previous year to any political party or to an electoral trust shall be allowed as deduction while computing its total income under section 80 GGB of Income Tax Act, 1961 of an amount maximum or upto : (A) ₹ 50,000 (B) ₹ 1,50,000 (C) No monetary ceiling limit (D) None of the above

Topics: Income Tax Act, 1961

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