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LATEST NEWS UPDATES | Demonetisation: FinMin clarifies on scrutiny of political parties under I-T law -KRSrivats

Demonetisation: FinMin clarifies on scrutiny of political parties under I-T law -KRSrivats

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published Published on Dec 18, 2016   modified Modified on Dec 18, 2016
-The Hindu Business Line

No special treatment for political parties, clarifies Jaitley

New Delhi:
Political parties registered with the election commission may not necessarily escape scrutiny of their returns with regard to deposits of old demonetised notes just because they are exempted from taxation under Section 13 A of income tax law.

For political parties to gain exemption under Section 13 A, certain conditions have to be met.

Also, there are "enough provisions" in the income tax law to scrutinise the accounts of political parties, which are also subject to other provision including filing of returns, the Central Board of Direct Taxes (CBDT) said in a clarificatory statement.

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The Hindu Business Line, 17 December, 2016, http://www.thehindubusinessline.com/news/national/demonetisation-finmin-clarifies-on-scrutiny-of-political-parties-under-it-law/article9432653.ece?homepage=


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