Party donations for tax benefits.
I have seen my trader friends to party donations to pay less taxes. As per the law we can donate 20% of our gross income to any party for the tax deduction benefits. Do any of the software engineers also donate to party?
Party donations == Taxes paid
There is no difference between both.
Karilyn Everett
Stealth
7 months ago
Can you pls elaborate?
- What do you get in return for paying taxes as a citizen? Nothing.
So taxes and election donations are both just donations that goes down the drain.
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This has become very risky in last couple of years, last year many people have got income tax notice. the reason of these notices are the political party which is taking donation only exists on Paper.
Yes people do that all the time. Personally been doing it since 3 years. These are usually small parties (but registered with election commission). You can find these agents with a local CA in your city
But how does this help? Until you get it back in cash as black money. 😢
Karilyn Denver
Stealth
7 months ago
Yes you will get back after paying 5-10%
