Tax exemption for political parties requires accounting, donor transparency and is impacted by electoral bond scheme invalidation. Section 13A excludes specified categories of income of political parties from total income provided the party maintains adequate books, records donor identity for contributions above the threshold (other than electoral bonds), obtains a Chartered Accountant audit, and receives donations above the cash limit by prescribed banking or electoral bond methods. Political parties must file returns under Section 139(4B); commercial receipts are taxable; noncompliance with proviso conditions disqualifies the exemption. The electoral bond instrument is defined as a bearer banking note, and the electoral bond scheme and related provisos have been declared unconstitutional affecting disclosure-linked exemptions.