Indian Company assessee who has contributed any sum to political party or electoral trust can claim deduction under section 80GGB.
From 1.4.2014 no deduction shall be allowed under this section in respect of any sum paid by way of cash.
Provisions in the Income Tax Act related to Section 80GGB are:
80GGB 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 [or an electoral trust].
The following proviso shall be inserted before the Explanation to section 80GGB by the Finance Act, 2013, w.e.f. 1-4-2014 :
Provided that no deduction shall be allowed under this section in respect of any sum contributed by way of cash.
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 293A36 of the Companies Act, 1956 (1 of 1956).
Income Tax Deductions Chapter VIA
Section 80B meaning of Gross Total Income under Income Tax Act
Section 80CCB Deduction in respect of investment made under Equity Linked Savings Scheme
Section 80CCC Deduction in respect of contribution to certain pension funds
Section 80CCD Deduction in respect of contribution to pension scheme of Central Government
Section 80CCE Limit on deductions under sections Section 80C, 80CCC and 80CCD
Section 80CCG Deduction in respect of investment made under an equity savings scheme
Section 80D Deduction in respect of health insurance premia
Section 80DDB Deduction against Medical Treatment Expenses etc incurred
Section 80E Deduction against interest on loan taken for higher education
Section 80EE Deduction against interest on loan taken for residential house property
Section 80G Deduction against donations to certain funds, charitable institutions, etc
Section 80GG Deductions against rents paid
Section 80GGA Deduction in respect of certain donations for scientific research or rural development
Section 80GGB Deduction in respect of contributions given by companies to political parties
Section 80GGC Deduction against contributions given by any person to political parties
Section 80HHB Deduction in respect of profits and gains from projects outside India
Section 80HHBA Deduction against profits and gains from housing projects in certain cases
Section 80HHC Deduction in respect of profits retained for export business
Section 80HHD Deduction of earnings in convertible foreign exchange
Section 80HHE Deduction of profits from export of computer software
Section 80HHF Deduction of profits and gains from export or transfer of film software, etc
Section 80I Deduction profits and gains from industrial undertakings after a certain date, etc
Section 80IE Special provisions in respect of certain undertakings in North-Eastern States
Section 80JJAA Deduction of employment of new workmen
Section 80O Deduction of royalties, etc., from certain foreign enterprises
Section 80P Deduction of income of co-operative societies
Section 80Q Deduction of profits and gains from the business of publication of books
Section 80QQA Deduction of professional income of authors of text books in Indian languages
Section 80QB Deduction of royalty income, etc., of authors of certain books other than text-books
Section 80RR Deduction of professional income from foreign sources in certain cases
Section 80RRA Deduction of remuneration received for services rendered outside India
Section 80RRB Deduction of royalty on patents
Section 80TTA Deduction of interest on deposits in savings account