Tax exemption to political parties in 5 years: a whopping Rs 2,490 crore
Ten main political parties of the country had a whopping Rs 2,490 crore of tax-exempted income in the last five years, according to information from the Income Tax department through an RTI plea. Of this the ruling Congress and the main Opposition party BJP have cornered more than 80 per cent.
The figures of political parties' income in this period received under the RTI does not include the donations or income below Rs 20,000 and hence a large number of small individual donations are not incorporated into it. The Congress had a tax-exempted income to the tune of Rs 1385.36 crore, more than double of the BJP, which recorded a tax-exempted income of Rs 682 crore in the period between 2007-08 to 2011-12.
BJP ally JDU's tax free income in this period except the year 2008-09 has been Rs 15.51 crore. BSP recorded an income of Rs 147.18 crore in three financial years 2007-08, 08-09 and 11-12. The party filed incomplete return in 2009-10 and had no tax-exempted income in 2010-11.
Sharad Pawar's NCP had a tax-exempted income of Rs 141.34 crore in the five years from 2007 to 2012. According to the information from the IT department, CPI-M recorded an income of Rs 85.61 crore in four years in this period while it had nil income in 2008-09. CPI's income in two financial years 2008-09 and 2009-10 is pegged at Rs 28.47 crore.
JD(S) had an earning of Rs 7.16 crore in two financial years of 2009-10 while Ram Vilas Paswan's LJP had a tax-exempted earning of Rs 2.55 crore in four years from 2007 to 2011. Lalu Prasad's RJD earned Rs 2.85 crore in three years from 2008 to 2011. The information came through a petition filed by Hisar based RTI activist Ramesh Verma before the Income Tax department.
Political parties are exempted from tax on their income through section 13 A of IT Act 1961. They have to, however, maintain a book of account for donations or income above Rs 20,000.
Category : Income Tax | Comments : 0 | Hits : 273
Get Free Daily Updates Via e-Mail on Income Tax, Service tax, Excise and Corporate law
- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
- Bank Branch Audit 2021 - Update on allotment of Branches
- Bank Branch Audit 2020 Updates
- Bank Branch Audit 2021 Updates
- Bank Branch Audit 2020 - Update on Allotment of Branches
- Police Atrocities towards CA in Faridabad - Its Time to be Unite
- Bank Branch Statutory Audit Updates 2019
- Bank Branch Statutory Audit Updates
- Bank Branch Audit 2022 Updates
- Bank Branch Statutory Audit Updates
- NFRA Imposes Monetary penalty of Rs 1 Crore on M/s Dhiraj & Dheeraj
- ICAI notifies earlier announced CA exam dates despite pending legal challenge before SC
- NFRA debars Auditors, imposes Rs 50 lakh penalties for lapses in Brightcom, CMIL cases
- GST Important Update - Enhancement in the GST Portal
- NFRA Slaps Rs 5 lakh Penalty on Audit Firm for lapses in Vikas WSP Audit Case
- CBDT extends due date for filing Form 10A/10AB upto 30th June, 2024
- RBI comes out with FEMA regulations for direct listing on international exchange
- RBI directs payment firms to track high-value, fishy transactions during elections
- NCLT orders insolvency proceedings against Subhash Chandra
- Income Tax dept starts drive to dispose of appeals, 0.54 million at last count
- Payment of MCA fees –electronic mode-regarding
- Budget '11-12' Parliament Completes Approval Exercise
- Satyam restrained from operating its accounts
- ICICI a foreign firm, subject to FDI norms: Govt
- Maha expects Rs 15 crore entertainment tax revenue from IPL
- CAG blames PMO for not acting against Kalmadi
- No service tax on visa facilitators: CBEC
- Provision of 15-minutes reading and planning time allowance to the candidates of Chartered Accountants Examinations
- Companies Bill to be taken up in Monsoon Session
- File Service Tax Return in time as Maximum Penalty increased 10 times to Rs. 20000

Comments