Special provision relating to incomes of political parties

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....;^3["Capital gains" or] any income by way of voluntary contributions received by a political party from any person shall not be included in the total income of the previous year of such political party : Provided that- (a) such political party keeps and maintains such books of account and other documents as would enable the ^4[Assessing] Officer to properly deduce its income therefrom;....

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.... Explanation.--For the purposes of this proviso, "electoral bond" means a bond referred to in the Explanation to sub-section (3) of section 31 of the Reserve Bank of India Act, 1934 (2 of 1934):] ^6[Provided further that if the treasurer of such political party or any other person authorised by that political party in this behalf fails to submit a report under sub-section (3) of section 29C of ....

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.... Act, 1988 w.e.f. 01-04-1989 before it was read as, '"Interest on securities",' 3.  Inserted vide Section 12 of the Finance Act, 2003 w.e.f. 01-04-1979 4.  Substituted vide Section 2 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1988 before it was read as, "Income-tax" 5.  Substituted vide Section 8 of the El....