sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
Direct Tax »
 Taking the 1st five steps to saving taxes Income Tax
 TDS on interest income: Want to avoid? Here’s how you can do this
 CBDT to modify advance ruling forms for transparency in cross-border deals
 New ITR forms for 2018-19 notified by CBDT
 Income Tax Return form: There are many changes you need to know
 Procedure For Registration And Submission Of Statement Of Financial Transactions (Sft) As Per Section 285ba Of Income-Tax Act, 1961 Read With Rule 114e Of Income-Tax Rules, 1962
 Income tax return forms for FY 2017-18 released
 10 benefits of filing ITR even if you are below taxable bracket
 How to file Income Tax Returns online in five simple steps
 Income tax returns (ITR) deadline over; how belated returns filing will impact you
 Five tax changes that come into effect from today

New CBDT format for poll donations
December, 17th 2013

Aiming to facilitate corporate houses that fund political parties through their electoral trusts, the Central Board of Direct Taxes (CBDT) has provided a format that would allow them to furnish a comprehensive set of details from the number of shareholders to the amount of contribution.

Released on Tuesday, the checklist would highlight the most essential facts firms must provide while filing details about the electoral trust with the Income Tax department.

The format poses questions such as whether the electoral trust is a registered company under section 25 or created solely to distribute funds to political parties.

The scheme allows business entities to register non-profit companies having 'Electoral Trust' in their names, thus differentiating them from the companies having other business interests.

Earlier this year, the government notified the ET scheme to make corporate donations to political parties more transparent.

The scheme requires companies to spend 95 per cent of the total contributions they receive in a given financial year to registered political parties within the same year in order to qualify for tax benefits.

Besides forbidding them from taking cash contributions, the scheme also asks them to note down Permanent Account Numbers of individual donors within India and passport numbers of non-resident Indians. The trusts are not allowed to accept donations from foreign citizens or companies.

Corporate houses in the past have admitted to have donated to political parties through election trusts.

According to Association for Democratic Reforms (ADR) and National Election Watch, between 2004-05 and 2011-12, the Congress, BJP and the NCP received Rs 105.86 crore from six electoral trusts – General Electoral Trust (Aditya Birla Group), Electoral Trust (Tata Sons), Bharti Electoral Trust (Bharti Enterprises), Satya Electoral Trust, Harmony Electoral Trust and Corporate Electoral Trust.

Out of that sum, the Congress received Rs 63.37 crore, the BJP Rs 41.49 crore and the NCP Rs 1 crore. Three other national parties the BSP, CPI and the CPM did not get any donation from these trusts since 2004.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - About Us

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions