How to remember Section 80GGC of the Income Tax Act, 1961?
Ok, so there are multiple section under Chapter
VI-A.
One such section is Section 80GGC: Donation to
Political Parties or Electoral Trust
So, How would I remember Section 80GGC.
80 stands for the section of Deduction U/c VI-A
&
GGC stands for Grant to Golmaal Chor
Donation is also known as Grant (Something that you
give without expecting anything in return)
When you make a Donation to someone who is good at
doing Golmaal and Chori from you, they you are giving Grant to Golmaal Chor.
Income Tax knew this very well, so they created an
acronym for this section by the name 80GGC.
So, who is eligible for this wonderful deduction?
Any Assessee OTHER THAN Indian Company.
Why is separation for Indian Company and other
Assessees?
Because, for Indian Companies, such grant is made
through 80GGB which stands for Grant to Golmaal Bandhu.
Bandhu means friend, and Indian Companies are
actually good friends of these golmaal chors because they are also chors, so
for them, its brotherly relationship, so for Indian companies, its 80GGB (Grant
to Golmaal Bandhu).
So, what is the deduction for grant made to Golmaal
Chors (i.e. u/s 80GGC)?
The answer is, 100% Donation to
Golmaal Chors is available as deduction, without any limit.
Only condition is that such donation should
me made in a form other than CASH.
Bonus Note:
Everything for an Indian company remains the same
regarding this provision except that the Indian Companies claim this deduction
Us 80GGB (Grant to Golmaal Bandhu). Indian
companies can claim 100 % deduction without any limit provided that the
donation made is in a non CASH Form.
Genuine Note: Nothing in this
answer pertains to insult to any political party or electoral trust, its just a
satirical way of remembering Income Tax provisions.
To all those friends who are viewing this answer,
if you find it useful, do share it with your other friends, not because I would
get more views, but because its a good strategy to remember. Always remember,
the more people around us know, the more we know, the more people around us
remember, the more we remember.
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