What is the tax status of a political party ?
If it is treated as a local authority then tax rate will be 30% and if it is treated as AOP/BOI then tax rate will be as applicable for individuals,i.e., at slab rates.
What is it actually ?
Menu
Tax Status of a political party
Replies (3)
Political parties satisfying the conditions of section 13A are exempted from taxation.
dear,
i think political party are neither treated as aop/boi or local authority.
As per section 13A of Income Tax Act, 1961, the following income of political party will be exempt:
1.Income from House Property
2.Capital Gains
3.Income from Other Sources
What about the Business Income of the political party ?
Recent Topics :
- Hi experts needed some help
- Gift of Immovable Property u/s 92 of Income Tax Ac
- NSE BSE Pre-open session changes from 7 September
- Financial statements for non corporate entities
- Hi experts need some help
- Is SAP FICO a good career option for finance and a
- Direct Cost booking
- TDS on Property Purchase Paid
- Cash Purchase Above ₹10,000, ITR/40A(3) Trea
- TDS on dividend to non resident shareholders
Related Topics :
CAclubindia
