Section 13A of Income Tax Act "Special provision relating to incomes of political parties"
13A. 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 party from
any person shall not be included in the total income of the
previous year of such political party :
Provided that-
(a) such political party keeps and maintains such books of
account and other documents as would enable the Assessing
Officer to properly deduce its income therefrom;
(b) in respect of each such voluntary contribution other
than contribution by way of electoral bond in excess of
twenty thousand rupees, such political party keeps and
maintains a record of such contribution and the name and
address of the person who has made such contribution;
(c) the accounts of such political party are audited by an
accountant as defined in the Explanation below sub-section
(2) of section 288; and
(d) 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 bank account 52[or
through such other electronic mode as may be prescribed] or
through electoral bond.
Explanation.-For the purposes of this proviso, "electoral
bond" means a bond referred to in the Explanation to
sub-section (3) of section 31 of the Reserve Bank of India
Act, 1934 (2 of 1934):
Provided further that if the treasurer of such political
party or any other person authorised by that political party
in this behalf fails to submit a report under sub-section
(3) of section 29C of the Representation of the People Act,
1951 (43 of 1951) for a financial year, no exemption under
this section shall be available for that political party for
such financial year:
Provided also that such 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 that section.
Explanation.-For the purposes of this section, "political
party" means a political party registered under section 29A
of the Representation of the People Act, 1951 (43 of 1951).
Section 13B of Income Tax Act "Special provisions relating to voluntary contributions received by electoral trust"
13B. Any voluntary contributions received by an electoral
trust shall not be included in the total income of the
previous year of such electoral trust, if-
(a) such electoral trust distributes to any political party,
registered under section 29A of the Representation of the
People Act, 1951 (43 of 1951), during the said previous
year, ninety-five per cent of the aggregate donations
received by it during the said previous year along with the
surplus, if any, brought forward from any earlier previous
year; and
(b) such electoral trust functions in accordance with the
rules made by the Central Government.
What is Disclosure of information respecting assessees? Section 138 of Income Tax Act 1961
What is Return of income? Section 139 of Income Tax Act 1961
What is Permanent account number? Section 139A of Income Tax Act 1961
What is Assessment? What is Best judgment assessment? Section 143 and 144 of Income Tax Act 1961
What is Reference to dispute resolution panel? Section 144C of Income Tax Act 1961