Section 2 - Insertion of new sections 29B and 29C - Election And Other Related Laws (Amendment) Act, 2003

CHAPTER II AMENDMENTS OF THE REPRESENTATION OF THE PEOPLE ACT, 1951 2. Insertion of new sections 29B and 29C. After section 29A of the Representation of the People Act, 1951 (43 of 1951) (hereafter in this Chapter referred to as the principal Act), the following sections shall be inserted, namely :- 29B. Political parties entitled to accept contribution. Subject to the provisions of the Companies Act, 1956 (1 of 1956), every political party may accept any amount of contribution voluntarily offered to it by any person or company other than a Government company: Provided that no political party shall be eligible to accept any contribution from any foreign source defined under clause (e) of section 2 of the Foreign Contribution (Regulation) Act, 1976 (49 of 1976). Explanation .- For the purposes of this section and section 29C,- (a) company means a company as defined in section 3; (b) Government company means a company within the meaning of section 617; and (c) contribution has the meaning assigned to it under section 293A, of the Companies Act, 1956 (1 of 1956) and includes any donation or subscription offered by any person to a political party; and (d) person has the meaning assigned to it under clause (31) of section 2 of the Income-tax Act, 1961 (43 of 1961), but does not include Government company, local authority and every artificial juridical person wholly or partially funded by the Government. 29C. Declaration of donation received by the political parties. (1) The treasurer of a political party or any other person authorised by the political party in this behalf shall, in each financial year, prepare a report in respect of the following, namely :- (a) the contribution in excess of twenty thousand rupees received by such political party from any person in that financial year; (b) the contribution in excess of twenty thousand rupees received by such political party from companies other than Government companies in that financial year. (2) The report under sub-section (1) shall be in such form as may be prescribed. (3) The report for a financial year under sub-section (1) shall be submitted by the treasurer of a political party or any other person authorised by the political party in this behalf before the due date for furnishing a return of its income of that financial year under section 139 of the Income-tax Act, 1961 (43 of 1961) to the Election Commission. (4) Where the treasurer of any political party or any other person authorised by the political party in this behalf fails to submit a report under sub-section (3), then, notwithstanding anything contained in the Income-tax Act, 1961 (43 of 1961), such political party shall not be entitled to any tax relief under that Act. .