At present, a member of Parliament is entitled to Rs. 16,000/- per month as salary, Rs. 20,000/- per month as Constituency Allowance, Rs.20,000/- per month as Office Expenses which include Rs. 4,000/- for stationary, Rs. 2000/- for franking letters and Rs. 14,000/- for a Personal Assistant. A member also gets daily allowance of Rs. 1,000 for the period of residence on duty. Daily allowance will be paid only when he/she signs the register maintained for the purpose.
****************************************** tax exemption is alloweded u/s 13 of ,I.T political parties.
Politician also bound & liable to pay tax on their income and they are assessed as an association of person,however the income derived by these parties are as income by way of voluntary contributions.
income from house property and income from other sources or capital gains are exempt from subject to the following conditions:-
the party keeps & maintain such records etc as would enable the assessing officer to property deduce the income.
the accounts of party are audited by C.A. or other qualified accountant.
the CEO of the party is required to file of return of income if the total income (computed under this act) without giving effect to the provision of section 13A) exceed the maximum account which chargable to income tax in this connection the provision of section 139(1) shall apply.
16 December 2010
A political party is under obligation not only to file it's annual return u/s 139 but also get it's books of a/c audited vide Circular No.412 dated 2nd March 1985 for getting benifits u/s 13 A
I agree that Sharad pawar is a indivdual, but see if he is engaged in political party then return to filled ( on behalf of political party) u/s 139(4b) instead of 139(1)
CAclubindia
