Deduction in respect of contributions given by companies to political parties.80GGB.
In computing the total income
of an assessee, being an Indian company, there shall be deducted any sum contributed by it, in the previous year
to any political party or an electoral trust :Provided
that no deduction shall be allowed under this section in respect of any sum contributed by way of cash.Explanation.—
For the removal of doubts, it is hereby declared that for the purposes of this section, the word "contribute", with its grammatical variation, has the meaning assigned to it under section 293A47
of the Companies Act, 1956 (1 of 1956).