Income-tax (First Amendment) Rules, 2013 - Insertion of rule 17CA and Form No. 10BC - 8/2013 - Income Tax

Electoral trust rules: donor limits, non-cash receipts, mandated distributions, and audited annual reporting required.

The amendment establishes rules for electoral trusts: permissible donor categories; prohibition on foreign and other electoral trust contributions; mandatory non-cash receipts with donor identification; issuance of detailed receipts; limits on administrative expenditure; computation and timely distribution of distributable contributions to eligible political parties; prohibition on benefiting members, contributors or related persons; maintenance of books, contributor and recipient registers; annual audit and filing of Form No. 10BC with annexure; certified annual reporting of contributors and distributions; and notification of post-approval shareholder changes.