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Income Tax Exemptions for Political Parties UPSC NOTE

 Why in News

  • The Congress had at first “ignored” notices from the I-T department, Mr. Islam said.

  • Later appealed to the Commissioner of Income Tax, but its arguments had been rejected.

  • Subsequently, the party had approached the Income Tax Appellate Tribunal (ITAT).

  • Where the Congress did not get relief

  • It then took the matter to the Delhi High Court on March 13, 2024.

  • Where too the Congress’s petition against recovery proceedings was dismissed.

Income Tax Exemptions for Political Parties

  • Even though political parties can not participate in commercial activities and cannot make profit.

  • Though they do have income from voluntary contributions, and such income are exempt u/s 13 A of Income tax act subject to furnishing of report to Election commission.

Income Tax Act section 13(A)

  • Section 13 deals with incomes that are not exempt from tax under certain circumstances.

Here's a simplified breakdown:

  • Income from property held under a trust for private religious purposes that doesn't benefit the public is taxable.

  • Income of a charitable trust created after the Act came into effect, if meant to benefit a specific religious community or caste, is taxable.

  • Section 13A deals with tax exemptions for political parties

  • Income from house property, other sources, capital gains and voluntary contributions received by a political party are exempt from tax, subject to certain conditions.


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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: Income Tax Exemptions for Political Parties UPSC NOTE
Income Tax Exemptions for Political Parties UPSC NOTE
Learnerz IAS | Concept oriented UPSC Classes in Malayalam
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