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?
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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
I thought tax exemption is only limited to 10000 per year for political donations .
Yes n yes.. party donation can only help you lessen taxes esp if u are above 25L+ scale
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