⁵⁸[Special provision relating to incomes of political parties.

13A. Any income of a political party which is chargeable under the head ⁵⁹[***] Income from house property or Income from other sources or ⁶⁰[Capital gains or] any income by way of voluntary contributions received by a political party from any person shall not be included in the total income of the previous year of such political party :

Provided that

             (a)   such political party keeps and maintains such books of account and other documents as would enable the ⁶¹[Assessing] Officer to properly deduce its income therefrom;

             (b)   in respect of each such voluntary contribution in excess of ⁶²[twenty] thousand rupees, such political party keeps and maintains a record of such contribution and the name and address of the person who has made such contribution; and

              (c)   the accounts of such political party are audited by an accountant as defined in the Explanation below sub-section (2) of section 288 :

⁶³[Provided further that if the treasurer of such political party or any other person authorised by that political party in this behalf fails to submit a report under sub-section (3) of section 29C of the Representation of the People Act, 1951 (43 of 1951) for a financial year, no exemption under this section shall be available for that political party for such financial year.]

⁶⁴[Explanation.For the purposes of this section, political party means a political party registered under section 29A of the Representation of the People Act, 1951 (43 of 1951).]