Tax exemption for political parties: specifies non taxable receipts and compliance conditions for maintaining exclusion from total income.

Income excluded from total income includes receipts of political parties and electoral trusts, subject to conditions: political parties must maintain books and records, record donor details for contributions above a specified threshold (excluding electoral bonds), have audited accounts, restrict receipt of donations above a small amount to prescribed banking or electronic modes or electoral bonds, submit a statutory treasurer's report, and file a timely return; electoral trusts must distribute the substantial bulk of donations to eligible political parties and function under Central Government rules.

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