HI..
What is the status of a political party...? Under what status it needs to file a return..?
In the same way kindly explain the status of trust..?
Saleem Abdul (CA) (397 Points)
08 February 2014HI..
What is the status of a political party...? Under what status it needs to file a return..?
In the same way kindly explain the status of trust..?
Rohit Gupta
(Audit Executive)
(271 Points)
Replied 09 February 2014
Dear Saleem,
Return under section 139(4B) is required to be filed in FORM No. ITR-7 by a political party if the total income without giving effect to the provisions of section 13A exceeds the maximum amount which is not chargeable to income-tax.
Now at the time of filing return generally the problem arises at the time of filling the staus of the political party. For that u just need to look at the PAN No. of the assesse. The fourth character PAN Card informs about the type of holder of the Card. Each assesse is uniquely Characterised
C — Company
P — Person
H — HUF(Hindu Undivided Family)
F — Firm A — Association of Persons (AOP)
T — AOP (Trust)
B — Body of Individuals (BOI)
L — Local Authority
J — Artificial Judicial Person
G — Government
Generally politicay parties are registered under the status of Association of Persons (AOP), AOP (Trust) or Body of Individuals (BOI).So just look at the PAN No. of the assesse. Your query will be automatically resolved.
Regards
Rohit Gupta
Regards
PRADEEP MAHESHWARI
(CEO)
(21 Points)
Replied 25 April 2016
I just saw the quary. althouth it is late but now also its effective STATUS of political pary is Body of Individual only. its never AOP. for other quarry relating to political partieS. pkmah @ rediffmail.com
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