Cancel tax benefits to defaulting political parties: EC to CBDT
PrintListen to this Article
Election Commission has written to the CBDT seeking cancellation of income tax exemption given to certain political parties as they failed to submit their mandatory expenditure contribution reports on time to the poll body.
The Central Board of Direct Taxes, sources said, has received a report from the poll body citing delay in the filing of expenditure reports by few political parties as it sought action by the department under the I-T laws.
Some smaller parties have not even furnished the data till now, the EC said.
Under Section 29C (Declaration of donation received by the political parties) of the Representation of the People Act all registered political parties are mandated to submit a contribution report of all the donations and funds received by it in an year from individuals or any other entity.
Under the latest communication made to the CBDT, the EC has reported instances of parties which have not submitted details of their contributions over Rs 20,000 for the year 2012-13. The deadline for this task was September last year.
Sources said the EC has said that while some reports from big parties came in as late as March this year, similar documents by some small parties have still not been submitted to the poll body.
"The EC has sought action by CBDT to cancel the tax benefits of these parties and charge them full income tax on the amount they have received. Action is underway," sources privy to the development told PTI.
Sources said while parties like the Congress, Aaam Admi Party (AAP) and Trinamool Congress have complied with the EC directives and sent in their reports on time, the BJP has sent its report late while over half-a-dozen smaller parties have not sent their reports yet.
The I-T will now initiate proceedings under the provisions of Income Tax Act 1961 (43 of 1961) in this case and after issue of summons, it will seek to tax the entire donations amount received by these parties. (PTI)
Category : Income Tax | Comments : 0 | Hits : 355
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