13A. 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 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 :<\/p>\n
Provided that\u2014<\/p>\n
(a) such political party keeps and maintains such books of account and other documents as would enable the Assessing Officer to properly deduce its income therefrom;<\/p>\n
(b) in respect of each such voluntary contribution 12[other than contribution by way of electoral bond] in excess of twenty thousand rupees, such political party keeps and maintains a record of such contribution and the name and address of the person who has made such contribution; 13[and]<\/p>\n
(c) the accounts of such political party are audited by an accountant as defined in the Explanation below sub-section (2) of section 288 14[; and] :<\/p>\n
Following clause (d) and Explanation shall be inserted after clause (c) of the first proviso to section 13A by the Finance Act, 2017, w.e.f. 1-4-2018 :<\/p>\n
(d) no donation exceeding two thousand rupees is received by such political party 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.<\/p>\n
Explanation.\u2014For 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).<\/p>\n
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 the Representation of the People Act, 1951 (43 of 1951) for a financial year, no exemption under this section shall be available for that political party for such financial year.<\/p>\n
Following third proviso shall be inserted after the second proviso to section 13A by the Finance Act, 2017, w.e.f. 1-4-2018 :<\/p>\n
Provided also that such political party 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 under that section.<\/p>\n
Explanation.\u2014For the purposes of this section, “political party” means a political party registered under section 29A of the Representation of the People Act, 1951 (43 of 1951).<\/p>\n","protected":false},"excerpt":{"rendered":"
13A. Any income of a political party which is chargeable under the head “Income from [\u2026]<\/span><\/p>\n","protected":false},"author":68,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[449,446],"tags":[],"yst_prominent_words":[793,784,786,797,795,796,788,781,790,791,742,789,782,794,787,792,785,458,783,731],"_links":{"self":[{"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/posts\/3235"}],"collection":[{"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/users\/68"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/comments?post=3235"}],"version-history":[{"count":0,"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/posts\/3235\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/media?parent=3235"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/categories?post=3235"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/tags?post=3235"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/www.hostbooks.com\/in\/hb\/wp-json\/wp\/v2\/yst_prominent_words?post=3235"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}