|Chennai||Rs. 24470.00 (1.37%)|
|Mumbai||Rs. 24900.00 (0.97%)|
|Delhi||Rs. 24200.00 (1.26%)|
|Kolkata||Rs. 24160.00 (0%)|
|Kerala||Rs. 24000.00 (0.63%)|
|Bangalore||Rs. 23800.00 (0%)|
|Hyderabad||Rs. 24140.00 (1.17%)|
Finance Minister P Chidambaram's Budget proposals yesterday had an important change in the law on the income tax deduction for political funding.
The Finance Bill, 2013, has proposed to disallow deduction of any sum contributed through cash in computation of income for tax purposes from April 1, 2014.
The move, along with the one per cent TDS on property transactions above Rs 50 lakh, is being seen as a step to counter movement of unaccounted income.
Currently, under the provisions of Section 80GGB of the Income Tax Act, any sum contributed by an Indian company to any political party or an electoral trust in the previous year is allowed as deduction in computing the total income of the company.