Economics · Economy
Consider the following statements regarding tax deductions for political donations in India: I. Under the Income Tax Act, 1961, individuals and Hindu Undivided Families (HUFs) can claim deductions for contributions made to registered political parties or electoral trusts, provided such contributions are not made in cash. II. Indian companies are allowed to claim deductions for political donations only when such contributions are made through non-cash modes to political parties registered under Section 29A of the Representation of the People Act, 1951. Which of the statements given above is/are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Neither I nor II
- 2II only
- 3I only
- 4Both I and II✓
Correct answer
Both I and II
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