Political Party Taxation

Dear Hireshire,

Political Parties are assessed as AOP..............

Slab of Rs. 1.60 Lacs is applicable............

Return is to be filed in ITR 7........

Dear Amir...

Very interesting...

Does our Political parties file return????

what they show as income...their expense will be huge rite...........

Dear Balaji,

Sec 139(4B) requires every Political Party to file it's retuen if it Total Income without giving effect to Sec 13A exceeds maximum amount not chargeable to tax......

Since their contributions from Business Houses, itself runs in crores....... so they have to file their return

you mean to say donations received by them is subject to tax....