Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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
 
 
 
 
Popular Search: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: ACCOUNTING STANDARD :: TDS :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: VAT RATES :: due date for vat payment :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: articles on VAT and GST in India :: empanelment
 
 
Direct Tax »
 Best ways to save tax under section 80C
 Govt may exceed direct tax collection target of FY18 Budget estimates
 CBDT relaxes MAT provisions for companies under corporate insolvency
 CBDT relaxes norms for MAT on firms facing insolvency
  Income-tax deduction from salaries during the financial year 2017-18 under section 192 of the Income-tax Act, 1961
 CBDT to appeal for revival of certain deregistered companies
 How the new tax regime fared in India these last 6 months
 Income Tax Slab for AY 2017-18: Know your tax category
 Direct Tax Collections for F.Y. 2017-2018 show Growth of 14.4% up to November, 2017
 LTCG tax on equity may return to haunt D-Street
 Karnataka third highest direct tax contributor

EC asks CBDT to cancel poll parties tax benefits
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 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Custom Software Development Outsourcing Custom Software Development Offshore Cus

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