Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: TDS :: form 3cd :: VAT Audit :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: ACCOUNTING STANDARD :: VAT RATES :: list of goods taxed at 4% :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: empanelment
 
 
News Headlines »
 Here's why you must always check Form 26AS before filing tax return
 Want to file your income tax return after June 30? Having Aadhaar card is a must
 Timeline for filing of tax returns extended by two months
 Top 5 common mistakes to avoid while filing your income tax returns
 GST rollout on July 1: Deadline for filing tax returns extended
 What is GST?
 Income-tax (15th Amendment) Rules, 2017?
 Banks get a breather as GST Council extends deadline for tax filing
 Income Tax filing: Your easy guide in 7 steps
 E-filing income tax return: How individuals can upload any ITR using excel utility
 Top 10 common mistakes to avoid when e-filing your income tax return

Cancel tax benefits of defaulting pol parties: EC to CBDT
April, 16th 2014

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.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Enterprise Resource Planning Solutions ERP Solutions Enterprise Resource Planning Software Solutions ERP Software Solutions Supply Chain Management Solutions SCM Solutions Supply Chain Management Software Solutions SCM Software Solutions Enterprise Resource Planning Solutions India ERP Solutions India Enterprise Resource Planning Software Solutions India ERP Software Solutions India Supply Chain Management Solutions India SCM Solutions India Supply Chain Management Software Solutions India SCM Software Solutions India

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