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35. Amendment of section 80GGC
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In section 80GGC of the Income-tax Act, for the words "to a political party", the words "to a political party or an electoral trust" shall be substituted with effect from the 1st day of April, 2010.
Clause 35 of the Bill seeks to amend section 80GGC which relates to deduction in respect of contributions given by any person to political parties.
The existing provisions of the said section provides for deduction of any sum contributed by any person, except local authority and every artificial juridical person wholly or partly funded by the Government to any political party in the previous year while computing the total income of such Indian company.
It is proposed to amend the aforesaid section so as to bring "electoral trust" within the scope of the above said section so that contribution made by such person to electoral trusts would also be eligible for deduction under that section.
This amendment will take effect from the 1st day of April, 2010, and will, accordingly, apply in relation to the assessment year 2010- 2011 and subsequent years.
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