TMI BlogIncome-tax (First Amendment) Rules, 2013 - Insertion of rule 17CA and Form No. 10BCX X X X Extracts X X X X X X X X Extracts X X X X ..... 1962 , after rule 17C , the following shall be inserted, namely:- 17CA. Functions of electoral trusts. (1) The functions of an electoral trust referred to in section 13B shall be as provided in this rule. (2) The electoral trust may receive voluntary contributions from - (a) an individual who is a citizen of India; (b) a company which is registered in India; and (c) a firm or Hindu undivided family or an Association of persons or a body of individuals, resident in India. (3) A receipt indicating the following shall be issued by the trust immediately on receipt of any contribution indicating the following:- (a) name and address of the contributor; (b) Permanent account number of the contributor or passport number in the case of a citizen wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the total contributions received in a year subject to an aggregate limit of rupees five hundred thousand in the first year of incorporation and rupees three hundred thousand in subsequent years; (ii) the total contributions received in any financial year along with the surplus from any earlier financial year, if any, as reduced by the amount 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 tot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... have been distributed, containing the name, address and permanent account number of each such person along with the details of the amount and mode of its payment including the name and branch of the bank. (12) Every electoral trust shall get its accounts audited by an accountant as defined in the Explanation 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 proceeding ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs from* my/our examination of the books, and proper documents adequate for the purposes of audit have been received from branches not visited by * me/us, subject to the comments given below: In * my/our opinion and to the best of * my/our information, and according to information given to *me/us, the said accounts give a true and fair view- (i) in the case of the Balance Sheet, of the state of affairs of the above named electoral trust as at...................... and (ii) in the case of the Income and Expenditure Account, of the surplus or deficit for its accounting year ending on that date. The prescribed particulars are annexed hereto. Place. __________________ Date __________________ (Signed) Accountant Name Membership No. Address Notes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0) Whether the list of all contributors has been maintained? (11) Whether the list of all political parties, to whom the amount distributed, has been maintained? II. Application or use of income or property for the benefit of persons referred to in sub-rule (10) of rule 17CA :- 1. Details of any transaction in excess of Rs. 20,000 with a person referred to in sub-rule (10) of rule 17CA (hereinafter referred to in this Annexure as interested person ). 2. Whether any payment was made to any interested person during the previous year by way of salary, allowance or otherwise? If so, details thereof. 3. Whether any part of the contributions received by the trust was lent, or continues to be lent, in the previous year to any interested person? If ..... X X X X Extracts X X X X X X X X Extracts X X X X
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