TRANSPARENCY IN ELECTORAL FUNDING - DIRECT TAXES

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..... the exemption, the political parties are required to submit a report to the Election Commission of India as mandated under sub-section (3) of section 29C of the Representation of the People Act,1951 (43 of 1951) furnishing the details of contributions received by a political party in excess of ₹ 20,000 from any person. However, under existing provisions of the Act, there is no restriction o .....

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..... account payee bank draft or use of electronic clearing system through a bank account or through electoral bonds, (ii) Political party furnishes a return of income for the previous year in accordance with the provisions of sub-section (4B) of section 139 on or before the due date under section 139. Further, in order to address the concern of anonymity of the donors, it is proposed to amend th .....

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