BouncyLlama

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?

8mo ago

Find out if you are being paid fairly.Download Grapevine

PerkyNoodle

Gojek8mo

Party donations == Taxes paid There is no difference between both.

SqueakyPancake

Stealth8mo

Can you pls elaborate?

PerkyNoodle

Gojek8mo

@UpsetLadle89 - 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.

ZippyPretzel

Allstate8mo

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.

SqueakyBoba

Visa8mo

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

SqueakyBoba

Visa8mo

The amount of donation is directly deducted from your taxable. So if your taxable was 10L and you're showing donation of 3L then your taxable becomes 7L