Exemption to Political Parties - Amendment to Section 13A - Fixing Limit of 2000 for receipt of donation in Cash - Furnishing Return u/s 139 made mandatory - provisions for Electoral Bond - Budget 2017-18 w.e.f. AY 2018-19

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.... Clause 11 of the Bill seeks to amend section 13A of the Income-tax Act relating to special provision relating to incomes of political parties. Section 13A of the Income-tax Act, inter alia, provides that any income of a political party which is chargeable under the head "Income from house property" or" Income from other sources" or "Capital gains" or any income by w....

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....two thousand rupees is received otherwise than by an account payee cheque drawn on a bank or an account payee bank draft or use of electronic clearing system through a bank account or through electoral bond; (ii) it furnishes a return of income for the previous year in accordance with the provisions of sub-section (4B) of section 139 on or before the due date as per section 139. It is further pr....