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: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: VAT RATES :: TDS :: VAT Audit :: cpt :: due date for vat payment :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: ACCOUNTING STANDARD
 
 
« General »
 Income Tax notification: Aadhaar-PAN linking must from July 1
 Filing ITR just got easier for salaried class with CBDT's one-page form
 Why consumers should welcome GST
 Retailers need to file single GST return every month
 Aadhaar is must for income tax returns if you have one; Here's how you can file it online
 Will it be a tax haven above the law?
 Your mutual fund investment tax efficient? Here are 3 steps to ensure utmost efficiency for your portfolio
 Finally a goods and services tax. But what lies ahead?
 Tax May Rise On Outbound M&As, Indian Mncs’ Investments
 Filing income tax return? Do remember to claim benefits on your reimbursements
 Banks will have a hard slog ahead to get GST-ready

Income Tax Dept to provide political parties'' tax return details
June, 17th 2011

The Income Tax Department has now decided to provide full details of tax returns of political parties under the RTI Act after the Central Information Commission (CIC) issued it directives in this regard.

The department, according to sources, used to restrict such information, citing section 138 of the Income Tax Act, which allowed denial of such information under RTI Act as "disclosure of information respecting assessees."

The I-T department has taken the step to bring in transparency in the funding of both big and small parties as the information will now be in public domain.

Chief Election Commissioner S Y Qureshi had earlier expressed concerns over the funding of such political parties and had asked the Central Board of Direct Taxes (CBDT) to scrutinise their accounts.

With the new development, general public will now be able to obtain the details of income, donations and expenditure by all the political parties, which file their income tax returns.

The CIC, in an order in 2008, had asked the I-T department to allow the disclosure of such information under "larger public interest" and the department has now decided to furnish this information in "full spirit". "Such parties which are registered but do not file their income tax returns will now have to file their details in larger public interest," said a senior I-T officer.

Such a step has also been taken to check the flow of blackmoney in the electoral process and make transparent the funding of political parties, the officer said. Large political parties had always furnished their returns but the new step will allow individuals to access the income and funding details of small parties as well, the officer added.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Outsourcing Test Solutions Software Testing Software Bug Testing Software Issues Tracking Software Issue Fix Software Code Optimization Database Design Optimization

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