India - Income Tax Act 2010 - Saarc

S. 13B I.T. ACT, 1961 1.142gains” or] any income by way of voluntary contributions received by a politicalparty from any person shall not be included in the total income of the previousyear of such political party :Provided that—(a) such political party keeps and maintains such books of account andother documents as would enable the 61 [Assessing] Officer to properlydeduce its income therefrom;(b) in respect of each such voluntary contribution in excess of 62 [twenty]thousand rupees, such political party keeps and maintains a record ofsuch contribution and the name and address of the person who hasmade such contribution; and(c) the accounts of such political party are audited by an accountant asdefined in the Explanation below sub-section (2) of section 288 :63[Provided further that if the treasurer of such political party or any other personauthorised by that political party in this behalf fails to submit a report under subsection(3) of section 29C of the Representation of the People Act, 1951 (43 of1951) for a financial year, no exemption under this section shall be available forthat political party for such financial year.]64[Explanation.—For the purposes of this section, “political party” means apolitical party registered under section 29A of the Representation of the PeopleAct, 1951 (43 of 1951).]64a[Special provisions relating to voluntary contributions received by electoraltrust.13B. Any voluntary contributions received by an electoral trust shall not beincluded in the total income of the previous year of such electoral trust, if—(a) such electoral trust distributes to any political party, registered undersection 29A of the Representation of the People Act, 1951 (43 of 1951),during the said previous year, ninety-five per cent of the aggregatedonations received by it during the said previous year along with thesurplus, if any, brought forward from any earlier previous year; and(b) such electoral trust functions in accordance with the rules made by theCentral Government.]61. Substituted for “Income-tax” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1988.62. Substituted for “ten” by the Election and Other Related Laws (Amendment) Act, 2003,w.e.f. 11-9-2003.63. Inserted, ibid.64. Substituted, ibid. Prior to its substitution, Explanation read as under :‘Explanation.—For the purposes of this section, “political party” means an association orbody of individual citizens of India registered with the Election Commission of India as apolitical party under paragraph 3 of the Election Symbols (Reservation and Allotment)Order, 1968, and includes a political party deemed to be registered with that Commissionunder the proviso to sub-paragraph (2) of that paragraph.’64a. Inserted by the Finance (No. 2) Act, 2009, w.e.f. 1-4-2010.