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If you are also resorting to political donations to get discounts in income tax, then be alert now. The IT department has initiated major action against fake tax claims across the country. On July 14, about 150 locations in the country were raided. Two political parties have also come under the purview of investigation, which were raided at a total of 10 locations in Maharashtra, Madhya Pradesh and Rajasthan. The Income Tax Department has found evidence of bogus political donations worth about Rs 500 crore during the last three years in these raids, which were returned after cutting the commission. Investigation revealed that both these parties did not use the money received in the donation in political activities. Apart from this, the Income Tax Department is also taking action against other fake tax deduction claims like fake hospital bills, children tuition fees, rent receipts etc. Keep in mind, under Section 80GGC you can claim 100% tax exemption on donation given to any recognized political party – but only when the payment is made with check, demand draft, debit/credit card or online transfer. In this video, know the truth of this whole raid, the rules of tax exemption, and how to avoid fraud.
