hi friends i am ajay agrawal.
my question is - Whether there is any provision regarding the audit of a political party in india? When and How and who is to carry such audit and also please forward me a copy of audit report of such audit on ajay_agrawal5 @ yahoo.co.in . please its urgent.
Regards ,
Ajay Agrawal.
Dear Ajay,
As per Sec 139(4B) of Income Tax Act, a political party is required to file a return of income if the party has taxable income.
In order to avail exepmtion u/s. 13A, the accounts of a political party must be audited. & Due date is 30th Sept. of relevent asst year.
Just go through Sec 13A of Income tax Act.
Regards
CAclubindia
