https://www.taxtmi.com/circulars?id=10543 Income of political parties falls under the special exemption regime and is not to be treated as income from profession or business, so Chapter IVD provisions and the audit/penalty provisions for profession cannot be applied to such income; voluntary contributions are not income from profession. Political parties must nevertheless maintain accounts and obtain an audit by an accountant as required under the exemption framework to claim the benefit. en-us Thu, 19 Oct 2000 00:00:00 +0530 Wed, 15 Jun 2011 12:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=10543 Income of political parties falls under the special exemption regime and is not to be treated as income from profession or business, so Chapter IVD provisions and the audit/penalty provisions for profession cannot be applied to such income; voluntary contributions are not income from profession. Political parties must nevertheless maintain accounts and obtain an audit by an accountant as required under the exemption framework to claim the benefit. Circulars Income Tax Thu, 19 Oct 2000 00:00:00 +0530 https://www.taxtmi.com/circulars?id=10543