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of <h1>New Tax Law Amendment: Political Parties Get Tax Exemption on Certain Incomes; New Filing Requirements Under Section 139</h1> The Taxation Laws (Amendment) Act, 1978, modifies the Income-tax Act, 1961, by introducing Section 13A, exempting political parties from income tax on specific income sources, including interest, property income, and voluntary contributions, provided they maintain proper records and audited accounts. Section 37 is amended to disallow tax deductions for expenses on advertisements in political party publications. Additionally, Section 139 mandates that the chief executive officer of a political party must file a tax return if the party's total income exceeds the non-taxable limit, excluding the exemptions under Section 13A.
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