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of <h1>Income Tax Bill 2025: Clause 12 & Schedule VIII Overhaul Political Funding Tax Exemptions, Boost Transparency, Accountability</h1> The Income Tax Bill, 2025, revises the tax framework for political parties and electoral trusts by consolidating existing provisions into Clause 12, alongside Schedule VIII. This aims to exempt legitimate political funding from taxes, ensure transparency, and promote accountability through documentation and audits. Key changes include maintaining income categories, structured documentation, and expanded payment modes. Political parties face stricter compliance and transparency demands, while electoral trusts must adhere to specific distribution guidelines. The Bill enhances organization, clarity, and compliance but requires further clarity on electronic payment modes and documentation interpretation.
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