Breaking: Govt Notifies Electoral Bond Scheme allowing Political Donor to Purchase Bonds from Authorized Banks [Read Notification]
The Central Government, on Wednesday notified the Electrical Bond Scheme which facilitates political donors to buy these bonds by making payments digitally or through cheque and then can gift the same to a registered political
CBDT Advisory prohibiting Cash Transactions above Limits
The Central Board of Direct Taxes ( CBDT ), in a bid to promote cashless transactions, has issued an advisory on its official website regarding cash transactions over and above the prescribed limits specified under
Second Phase of Electoral Bond Scheme to Start from 2nd April: Finance Ministry
The Ministry of Finance announced that the second phase of the Electoral Bond Scheme, 2018, a new scheme for ‘transparent’ political funding, from 2nd April to 10th April 2018. In the 2nd Phase of sale,
Lok Sabha Polls: Income Tax Officers to monitor Election Expenditure
In order to keep a close watch on election expenditure, the income tax department has deployed around 400 officers in Gujarat. This is to check the flow of black money during the Lok Sabha elections.
Govt to start Fifth Phase of Electoral Bond Scheme to Start from 1st October
The Ministry of Finance announced that the fifth phase of the Electoral Bond Scheme, 2018, a new scheme for ‘transparent’ political funding, from 1st October to 10th October 2018. In the fifth Phase of sale,
SC to hear Plea challenging Exemption to Political Parties
A writ petition challenging the provisions of the Income Tax Act and the Representation of Peoples Act giving tax exemption to the political parties has been filed before the Supreme Court. The petition filed by
Budget 2017: Political Parties cannot receive donation above Rs. 2,000 in cash from one person
Political Parties entitled to receive donations by cheque or digital mode from their donors; Have to file its Income-Tax Return within the prescribed time limit. The Union Minister for Finance and Corporate Affairs, Arun Jaitely
SC dismisses Plea Challenging Income Tax Exemption to Political Parties
The Supreme Court of India today dismissed the petition challenging the provisions of the Income Tax Act and the Representation of Peoples Act giving tax exemption to the political parties. The petition was filed by
Voluntary contributions towards the political parties are not capital receipts and the income of a political party by way of voluntary contributions would be included in the Taxable Income; Delhi HC
Two appeals between the Indian National Congress Committee and the Commissioner of Income Tax, New Delhi were pending before the High Court of Delhi. The Court considered these two appeals together for the reason that
Salaried Individuals receive Income Tax Notice for Political Party Donations
The Income Tax Department has issued notices to numerous taxpayers who contributed funds to political parties registered but not recognized by the Election Commission. The notifications, pertaining to donations made during the fiscal years 2021
GST Rollout on 1st July Confirmed: FM Thanks All Political Parties
Asks the Members of Parliament (MPs) and MLAs of different political parties to equip themselves with the finer points of the Single Tax GST regime in order to explain the same to the people at
PIL in Punjab & Haryana HC challenging Income Tax Benefit to Political Parties
H.C.Arora, a senior Advocate of the Punjab & Haryana High Court, filed a Public Interest Litigation before the Court seeking invalidation of s. 13A of the Income Tax Act and 29-C of the Representation of
Income Tax Act have enough provisions to scrutinize the Accounts of Political Parties, says CBDT
Following the news reports that no scrutiny will be done in case of Income-tax returns filed by the registered political parties in the context of deposits of old currency notes, the CBDT today clarified that
No Enquiries made AO in Respect of genuineness of Receipts of donation issued to Political party for Confirming Deduction Claimed u/s 80GGC of IT Act: ITAT Upholds Revision Order [Read Order]
The Ahmedabad bench  of  Income Tax Appellate Tribunal ( ITAT ), upheld the revision order and held that no enquiries was made by AO in respect of genuineness of receipts of the donation issued to
ITR Filing by Due Date u/s 139 of Income Tax Act Is mandatory for Political Party to Claim exemption u/s 13A: ITAT Refuses to Stay Recovery Against INC [Read Order]
The New Delhi Bench of the Income Tax Appellate Tribunal ( ITAT ) refused to stay recovery against the Indian National Congress ( INC ) and ruled that ( ITR ) filing by due date