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TAXATION OF POLITICAL PARTIES 13A

Income Tax - Tax Liability in special Circumstances / Specific Cases - 05 - SPECIAL PROVISION RELATING TO INCOMES OF POLITICAL PARTIES SECTION 13A Any income of a political party which is chargeable under the head income from house property or income .....

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political party keeps and maintains such books of account and other documents as would enable the Assessing Officer to properly deduce its income therefrom; In respect of each such voluntary contribution other than contribution by way of electoral b .....

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audited by a chartered accountant. No donation exceeding two thousand rupees is received by such political party otherwise than by an account payee cheque drawn on a bank or an account payee bank draft or use of electronic clearing system through a b .....

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t, 1934 [Inserted by FA, 2017, w.e.f. 1-4-2018] Note: No exemption shall be available for a financial year, if political party failed to submit a report under section 29C(3) of the Representation of the People Act, 1951 for a financial year. Provided .....

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ollowing income derived by a political party are not included in computing its Total Income:- Income which is chargeable under the head 'income from house property' Income chargeable under the head 'income from other sources' Any inco .....

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to maintain its account for a reason whatsoever, or satisfy pre-conditions set out in proviso to section 13A, exemption cannot be granted to it from payment of tax. [CIT v Janata Party (2016) 68 taxmann.com 299 (Del)] SOME IMPORTANT NOTES:- Tax exemp .....

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