CBDT brings out 19-point format for Electoral Trusts
PrintListen to this Article
As poll season gathers momentum, the CBDT has brought out a 19-point fresh standard format for 'Electoral Trusts', created by corporate and business houses to fund political parties.
The checklist has been devised as such that the business firm could enumerate all relevant details about the company, its shareholders and other financial details of contributions and donations in a comprehensive pattern before submitting it to the Income Taxdepartment.
"The checklist has been made to underline what is essential when filing details of the Electoral Trust or ET as it is popularly called. TheCentral Board of Direct Taxes brought out the three-page document yesterday," a senior I-T official said.
The checklist asks for some relevant questions for the business houses to furnish, like "whether the Electoral Trust is a registered company for the purposes of section 25 of the Companies Act, whether the sole object of the trust is to distribute the contributions to political parties registered under section 29A of the Representation of the People Act and whether any change in the shareholders, subsequent to the approval granted under the scheme has occurred."
The ET scheme allows business entities to register non-profit companies having 'Electoral Trust' as part of their names, thus differentiating them from the companies having other business interests.
The government notified the ET Scheme earlier this year to streamline the process and bring in more transparency in the funds provided by corporate entities to political parties for their election-related expenses.
The last date for filing these details with the I-T department is November 30. (Business Standard)
Category : Income Tax | Comments : 0 | Hits : 344
If you earn income other than salary or have multiple income streams, the advance tax deadline falling today—Monday, December 15, 2025—should not be overlooked. Failure to pay advance tax on time, or paying less than the required amount, may attract interest charges that continue to accumulate. As the Income Tax Act operates on a “pay as you earn” basis, being aware of advance tax provisions and the financial impact of delays can help you avoid unnecessary costs and last-...
If you earn income other than salary or have multiple income streams, the advance tax deadline falling today—Monday, December 15, 2025—should not be overlooked. Failure to pay advance tax on time, or paying less than the required amount, may attract interest charges that continue to accumulate. As the Income Tax Act operates on a “pay as you earn” basis, being aware of advance tax provisions and the financial impact of delays can help you avoid unnecessary costs and last-...
As many as 5,44,205 appeals were pending resolution with the Income Tax (IT) Department at commissioner (appeals) level as of January 31 this year, and 63,246 at various Income Tax Appellate Tribunals (ITATs), High Courts, and the Supreme Court, FE has learnt. To be precise, the cases pending in ITATs were 20,266 High Courts, 37,436; and Supreme Court 5,544. The large pendency is even as the Central Board of Direct Taxes (CBDT) has laid emphasis on disposing of income tax appeals in its 10...
The Central Board of Direct Taxes (CBDT) has facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25 (relevant to Financial Year 2023-24) from 1st April, 2024 onwards. The ITR functionalities i.e. ITR-1, ITR-2 and ITR-4, commonly used by taxpayers are available on the e-filing portal from 1st April, 2024 onwards for taxpayers to file their Returns. Companies will also be able to file their ITRs through ITR-6 from April 1 onwards. As ...
It has come to notice that misleading information related to new tax regime is being spread on some social media platforms. It is therefore clarified that the new regime under section 115BAC(1A) was introduced in the Finance Act 2023 which was as under as compared to the existing old regime (without exemptions): New Regime 115BAC (1A) introduced for FY 2023-24 Existing old Regime 0-3 lacs 0% 0-2.5 lacs 0% ...
Comments