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TRANSPARENCY IN ELECTORAL FUNDING - DIRECT TAXES

F. - Memorandum Explaining the Provisions in The Finance Bill, 2017 - Bill - F. - F. TRANSPARENCY IN ELECTORAL FUNDING The existing provisions of section 13A of the Act, inter-alia provides that political parties that are registered with the Election Commission of India, are exempt from paying income-tax. To avail 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 P .....

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13A). However, filing of the return is not a condition precedent for availing exemption under the said section. In order to discourage the cash transactions and to bring transparency in the source of funding to political parties, it is proposed to amend the provisions of section 13A to provide for additional conditions for availing the benefit of the said section which are as under: (i) No donations of ₹ 2000/- or more is received otherwise than by an account payee cheque drawn on a bank .....

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