Donation to political parties
This query is : Resolved
12 November 2013
A SINGLE PROVISION IN INCOME TAX WHERE POLITICAL PARTIES ARE EXEMPTED FROM ACCOUNTING OF DONATION UPTO RS. 20000 WHICH RESULTED 000'S CRORE OF ANONYMOUS BLACK MONEY FUNDED TO THESE PARTIES WHILE THERE IS A PROVISION WHICH REQUIRES TO ACCOUNT EACH RECEIPT EXCEEDING RS. 25 FOR BUSINESS ENTITIES EXCEPT SEC. 44AD & 44AA
I WANT TO KNOW THAT WHAT ARE THESE PROVISIONS
AND HOW THESE ARE INTERRELATED??????
I WANT TO KNOW THAT WHAT ARE THESE PROVISIONS
AND HOW THESE ARE INTERRELATED??????
12 November 2013
not related. The Rs 25 provision is provided for practical considerations as accounting for small transactions such as Rs 1 or Rs 2 adds to unnecessary burden. As well the ITO shall find it of no use to verify such small transactions which could large in numbers though. So its more of a materiality concern.
With regards to Political parties, its all black!!! whatever change you make in the regulations it wont help. Though the principal of Rs 20000 is again for materiality concern. But has been blatantly used by these parties for channelizing black money for elections and other illegal activities.
With regards to Political parties, its all black!!! whatever change you make in the regulations it wont help. Though the principal of Rs 20000 is again for materiality concern. But has been blatantly used by these parties for channelizing black money for elections and other illegal activities.
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