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of <h1>New Rule 17CA: Electoral Trusts Must Distribute 95% Contributions to Political Parties, Ban Foreign Donations.</h1> The Income-tax (First Amendment) Rules, 2013 introduces rule 17CA and Form No. 10BC, detailing the functions and regulations for electoral trusts in India. Electoral trusts can receive contributions from Indian citizens, companies, and certain entities, but not from foreign sources or other electoral trusts. Contributions must be non-cash and accompanied by the contributor's permanent account number or passport number. Trusts must distribute at least 95% of contributions to eligible political parties by March 31 each year, with specific limits on administrative expenses. Trusts are required to maintain detailed records, undergo audits, and submit reports to tax authorities.
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