Assessment of Political Parties

As per sec. 13A of Income Tax Act, 1961 means a political party registered under section 29A of the Representative of the People Act, 1951.

Political Parties Income :- 1. House Property 2. Capital gains 3. Other resources 4. Voluntary contribution. It is exempt under section 13A.

Conditions :-

1. maintenance of Books of account & other documents.
2. record of voluntary contribution in excess of Rs. 20000 (change as per Finance Act(report to E.C)).
3. audit of books of account.
4. limit of cash donation upto Rs. 2000 (change as per Finance Act).
5. donation >Rs. 2000 through A/c payee cheque/bank draft/bank ECS/bank A/c/electronic modes.
6. return of income within due date under section 139 (4B).