TMI BlogFunctions of electoral trusts.X X X X Extracts X X X X X X X X Extracts X X X X ..... ) Permanent account number of the contributor or passport number in the case of a citizen who is not a resident; (c) amount and mode of contribution including name and branch of the Bank and date of receipt of such contribution; (d) name of the electoral trust; (e) Permanent account number of the electoral trust; (f) date and number of approval by the prescribed authority; and (g) Name and designation of the person issuing the receipt. (4) The electoral trust shall not accept contributions- (a) from an individual who is not a citizen of India or from any foreign entity whether incorporated or not; 2 [***] (b) from any other electoral trust which has been registered as a company under section 25 of the Companies A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t spent on managing its affairs, shall be the distributable contributions for the financial year; (iii) an electoral trust shall be required to distribute the distributable contributions received in a financial year, referred to in item (ii), to the eligible political parties before the 31st day of March of the said financial year, subject to the condition that at least ninety five per cent, of the total contributions received during the financial year along with the surplus brought forward from earlier financial year, if any, are distributed. (9) The trust shall obtain a receipt from the eligible political party indicating the name of the political party, its permanent account number, registration number, amount of fund received from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on below sub-section (2) of section 288 and furnish the audit report in Form No. 10BC along with particulars forming part of its Annexure, to the Commissioner of Income-tax or the Director of Income-tax, as the case may be, having jurisdiction over the electoral trust, on or before the due date specified for furnishing the return of income by a company under section 139. (13) An electoral trust shall maintain a regular record of proceedings of all meetings and decisions taken therein. (14) Every electoral trust shall furnish a certified copy of list of contributors and a list of political parties, to whom sums were distributed in the manner prescribed in sub-rule (8), to the Commissioner of Income-tax or the Director of Income-tax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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