Taxation of Political Parties - Section 13A

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....e head 'income from house property' * Income chargeable under the head 'income from other sources' * Any income by way of voluntary contribution from any person * Any income from capital gain Requisite Condition [First Proviso to Section 13A] * (a) Such political party keeps and maintains such books of account and other documents as would enable the Assessing Officer to pr....

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....3) of the Reserve Bank of India Act, 1934. [ section 13A ] * "Electroal bond" means a bond issued by any scheduled bank under the scheme as may be notified by the Central Government. [ Explanation to section 31(3) of RBI act, 1934] * "Electoral bond" means a bond issued in the nature of promissory note which shall be a bearer banking instrument and shall not carry the name of the buy....

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....f a person makes a donation to political party, then he shall get deduction under Section 80GGB/ 80GGC from his total income of the donation so made. However, no deduction shall be disallowed under Section 80GGB/ 80GGC in respect of donations made in cash. * As per land mark Judgement of the case Association For Democratic Reforms & Anr. Versus Union of India & Ors. - 2024 (2) TMI 812 - Supreme ....