SMS FROM INCOME TAX DEPARTMENT REGARDING POLITICAL DONATION AND CONFUSED TAX PAYERS.......OUR VIEWS ON IT
Our Views on SMS from the Income Tax Department about Verification of deductions claimed in your ITR. The Income Tax Department has recently sending SMS alerts to salaried assessees who claimed deductions under Section 80GGC in the last three assessment years (AY 22-23, 23-24, and 24-25). Section 80GGC of the Income Tax Act, 1961, allows individuals to claim a deduction for contributions made to registered political parties or electoral trusts, provided the payment is made through non-cash modes. The political party must be registered under Section 29A of the Representation of the People Act, 1951. While the department’s communication may sound alarming, there’s no need to panic if your donation claims are legitimate. This is simply a measure to identify potentially fraudulent claims. Why the Income Tax Scrutiny? It has come to light that the Income Tax Department has identified sizable salaried taxpayers who have wrongly claimed deductions total amounting to +₹1,000 crore in ...