Political party income exemption requires recordkeeping, contributor disclosure and audit; certain advertisement expenses disallowed under tax law. Section 13A exempts from a political party's taxable total income interest, house property income, other sources income and voluntary contributions, subject to book keeping enabling income deduction, records of voluntary contributions above the specified threshold with donor names and addresses, and audit of accounts by a chartered or other qualified accountant; section 37(2B) disallows deductions for advertisements in political party publications and amends section 37(3A)'s adjusted expenditure definition; section 139(4B) requires the party chief executive to file returns if income before exemption exceeds the non taxable limit; wealth tax exemption for political parties is added by section 45(i); effective 1 April 1979.
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 party income exemption requires recordkeeping, contributor disclosure and audit; certain advertisement expenses disallowed under tax law.
Section 13A exempts from a political party's taxable total income interest, house property income, other sources income and voluntary contributions, subject to book keeping enabling income deduction, records of voluntary contributions above the specified threshold with donor names and addresses, and audit of accounts by a chartered or other qualified accountant; section 37(2B) disallows deductions for advertisements in political party publications and amends section 37(3A)'s adjusted expenditure definition; section 139(4B) requires the party chief executive to file returns if income before exemption exceeds the non taxable limit; wealth tax exemption for political parties is added by section 45(i); effective 1 April 1979.
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