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 ?
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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 ?
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