Section 37(2B) Payment Made To Political Party
Section 37(2B) Extremely Important
No deduction is available for any expenditure incurred by assessee
on advertisement in any souvenir, pamphlet, publication or newspapers of any political party.
Note: Such donation/expenditure is allowed as deduction
u/s
80GGB/80GGC.
•
Deduction of various taxes,
interest, penalty etc shall be as follows:
|
Type of
expenditure |
Direct Taxes (such as income tax, AIT, etc) |
Indirect Taxes (such
as G5T, service tax, VAT, etc) |
|
Amount
of tax |
Not allowed as it is the personal liability of the assessee |
Allowed as it is a business liability for the assessee |
|
Interest
paid/payable on delayed payment
of tax |
Not Allowed |
Allowed |
|
Interest
on loan taken for payment
of tax liability |
Not Allowed |
Allowed |
|
Penalty for
failure to comply with the
applicable law Not Allowed |
Not Allowed |
Not Allowed (as it amounts to infraction of kw) |
|
Refund
of tax already paid received
by the assesse |
Not treated as income |
Treated as business income |
|
Interest
on refund received |
Treated as income u/h other sources |
Treated as business income |
|
Litigation
expenses |
Allowed |
Allowed |
|
Filing
returns and other professional
charges |
Allowed |
Allowed |
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