Section 13A of Income Tax Act "Special provision relating to incomes of political parties"
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 :
(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;
(b) in respect of each such voluntary contribution 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;
(c) the accounts of such political party are audited by an accountant as defined in the Explanation below sub-section (2) of section 288; and
(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 52[or through such other electronic mode as may be prescribed] or through electoral bond.
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):
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:
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.
Explanation.-For 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).
Section 13B of Income Tax Act "Special provisions relating to voluntary contributions received by electoral trust"
13B. Any voluntary contributions received by an electoral
trust shall not be included in the total income of the
previous year of such electoral trust, if-
(a) such electoral trust distributes to any political party, registered under section 29A of the Representation of the People Act, 1951 (43 of 1951), during the said previous year, ninety-five per cent of the aggregate donations received by it during the said previous year along with the surplus, if any, brought forward from any earlier previous year; and
(b) such electoral trust functions in accordance with the rules made by the Central Government.
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