Political contributions restrictions: companies require board approval and disclosure; prohibited for government and newly formed companies. Section 293A prohibits Government companies and companies under three financial years from making political contributions; other companies may contribute subject to an aggregate limit based on average net profits for the preceding three years and only if authorised by a Board resolution. The section deems certain donations and political advertising expenditure to be contributions, requires disclosure of contributions in the profit and loss account with recipient particulars, and prescribes penalties including corporate fines and criminal liability for officers in default. 'Political party' is defined by registration under the Representation of the People Act.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Political contributions restrictions: companies require board approval and disclosure; prohibited for government and newly formed companies.
Section 293A prohibits Government companies and companies under three financial years from making political contributions; other companies may contribute subject to an aggregate limit based on average net profits for the preceding three years and only if authorised by a Board resolution. The section deems certain donations and political advertising expenditure to be contributions, requires disclosure of contributions in the profit and loss account with recipient particulars, and prescribes penalties including corporate fines and criminal liability for officers in default. "Political party" is defined by registration under the Representation of the People Act.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
