Political party tax exemption requires audited accounts, donor records and annual return filing obligation under law

Section 13A exempts specified heads of income and voluntary contributions of a political party provided the party maintains adequate books and documents, records donor details for contributions above the threshold, and has its accounts audited by a qualified accountant. Political parties must also voluntarily file annual returns of total income computed without the section 13A exemption when taxable income exceeds the basic exemption, and subordinate units file separately only if they are separately registered or maintain separate accounts.

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