Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« General »
Open DEMAT Account in 24 hrs
 How to calculate income tax on stock market gains along with your salary?
 Moonlighting for Additional Income? Know Its Tax Implications
 Have you claimed education cess? Be prepared to pay tax as per the new rules
 Reserve Bank - Integrated Ombudsman Scheme, 2021 (RBIOS, 2021)
 How is tax computed for selling a house?
 How much tax do you pay on equity investments?
 Fuel taxes: Centre s gains striking since FY16
 Tax rules for NRIs on sale of assets located in India
 ITR filing: Know tax rules that apply to freelancers in India
 Delhi Real Estate News: NDMC extends last date for property tax payment with amnesty scheme
 Citizens must file THESE ITR related forms before due date Income Tax Returns

RBI, Income Tax Acts to be amended for electoral bonds, Jaitley says
March, 22nd 2017

Paving the way for electoral reforms, finance minister Arun Jaitley on Tuesday said the government will amend several laws including the RBI Act and Income Tax Act to allow political parties to raise funds through electoral bonds.

Moving the Finance Bill in Lok Sabha for debate, Jaitley said: “Electoral bonds have been announced as a scheme for cleansing political money under the Income Tax Act.”

“The reality as we all know, a lot of electoral funding for political parties across the spectrum, comes by way of undisclosed money. And this is an issue which is public domain,” he said

Citing the Budget announcement, he said “we came out with the proposal that there will be income tax incentives involved in four different ways (for electoral bonds).”

Second, the maximum cash donation will be allowed up to Rs 2,000, as recommended by the Election Commission, as compared with the present limit of Rs 20,000.

Third, mass collection of funds through the digital media will also be tax exempt.

And fourth, investment in electoral bonds will be exempt from income tax, Jaitley said justifying the amendment in Income Tax Act as proposed in the Finance Bill.

Since the RBI will authorise a particular bank to issue the electoral bonds, the RBI Act will also be amended, he said.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting