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of <h1>Political Parties Gain Tax Exemption Under Section 13A with Strict Accounting, Donation Transparency, and Compliance Mandates</h1> Section 13A of the Income Tax Act provides tax exemption for political parties' income from voluntary contributions, house property, or other sources. To qualify, parties must maintain proper accounting records, document contributions over a specified threshold, undergo audits, and receive donations primarily through banking channels. Exemption is contingent on filing annual income returns and complying with reporting requirements under electoral laws. The provision aims to ensure transparency in political party financing while offering tax benefits.
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