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Exemption to Political Parties - Amendment to Section 13A - Fixing Limit of ₹ 2000 for receipt of donation in Cash - Furnishing Return u/s 139 made mandatory - provisions for Electoral Bond - Budget 2017-18 w.e.f. AY 2018-19

Dated:- 2-2-2017 - Clause - 011 - Amendment of section 13A. THE FINANCE BILL, 2017 Clause 11 of the Bill seeks to amend section 13A of the Income-tax Act relating to special provision relating to incomes of political parties. Section 13A of the Income-tax Act, inter alia, provides that any income of a political party which is chargeable under the head Income from house property or Income from other sources or Capital gains or any income by way of voluntary contributions received by a political p .....

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tion of the People Act,1951 to the Election Commission. It is proposed to amend the said section so as to provide, inter alia, that political party shall be eligible for exemption of income-tax under section 13A if,- (i) no donation exceeding two thousand rupees is received 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 bank account or through electoral bond; (ii) it furnishes a return of income for the prev .....

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