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of <h1>Political parties' income exemptions under Section 13A require compliance with accounting, auditing, and donation rules. Electoral Bond Scheme unconstitutional.</h1> Political parties are exempt from including certain incomes, such as those from house property, other sources, voluntary contributions, and capital gains, in their total income under Section 13A, provided they maintain proper accounts, audit by a Chartered Accountant, and adhere to donation regulations. Contributions over 20,000 must be recorded, and donations over 2,000 must be non-cash. Political parties must file income returns as per Section 139(4B). Recent rulings have declared the Electoral Bond Scheme and related provisions unconstitutional. Exemptions are denied if parties fail to meet these requirements or submit necessary reports.
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