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of <h1>Finance Bill 2017 amends Section 29C of Representation of the People Act; changes political party contribution reporting rules.</h1> Clauses 135 and 136 of the Finance Bill, 2017 amend the Representation of the People Act, 1951, specifically section 29C, effective April 1, 2017. These amendments require political parties to report contributions exceeding twenty thousand rupees to the Election Commission to qualify for income-tax relief under the Income-tax Act, 1961. However, contributions received via 'electoral bonds' are excluded from this reporting requirement. The amendment also introduces a definition for 'electoral bond,' impacting the scope of required financial disclosures by political parties.
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