Direct tax

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BISWAJIT KUMAR SHAW

BISWAJIT KUMAR SHAW (Querist)
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27 October 2010 What's is the provision U/s 13A.

CA Shailesh Kumar Bhagat

CA Shailesh Kumar Bhagat (Expert)
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27 October 2010 special provision relating to political parties - income are exempted subject to provision given under this section and submission of audit report.

CA. Aryendra

CA. Aryendra (Expert)
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27 October 2010 Section 13A is Special provision relating to incomes of political parties.

Any income of a political party which is chargeable under the head “Income from house property " or " Income from other sources " 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:

Provided that-
(a) such political party keeps and maintains such books of account and other documents.

(b) in respect of each such voluntary contribution in excess of ten 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; and

(c) the accounts of such political party are audited by an accountant as defined in the Explanation below sub-section (2) of section 288.

BISWAJIT KUMAR SHAW

BISWAJIT KUMAR SHAW (Querist)
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27 October 2010 Any contribution fm Scereted donation .W't treatment .

CA. Aryendra

CA. Aryendra (Expert)
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28 October 2010 I think it is plain provision and it would be taxable.

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