Do we tax political party as AOP/BOI or individual or Local Authority or Company? I know Section 13A. Just want to know what slab rates are applicable to political parties. Please help.
4 Replies
Amir
(Learner)
(4016 Points)
Replied 20 February 2010
Dear Hireshire,
Political Parties are assessed as AOP..............
Slab of Rs. 1.60 Lacs is applicable............
Return is to be filed in ITR 7........
C.Balaji
(Learner)
(1867 Points)
Replied 20 February 2010
Dear Amir...
Very interesting...
Does our Political parties file return????
what they show as income...their expense will be huge rite...........
Amir
(Learner)
(4016 Points)
Replied 20 February 2010
Dear Balaji,
Sec 139(4B) requires every Political Party to file it's retuen if it Total Income without giving effect to Sec 13A exceeds maximum amount not chargeable to tax......
Since their contributions from Business Houses, itself runs in crores....... so they have to file their return
C.Balaji
(Learner)
(1867 Points)
Replied 20 February 2010
you mean to say donations received by them is subject to tax....
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