What is the tax status of a political party ?
If it is treated as a local authority then tax rate will be 30% and if it is treated as AOP/BOI then tax rate will be as applicable for individuals,i.e., at slab rates.
What is it actually ?
Devendra (Qualified Audit Assistant) (521 Points)
04 November 2008What is the tax status of a political party ?
If it is treated as a local authority then tax rate will be 30% and if it is treated as AOP/BOI then tax rate will be as applicable for individuals,i.e., at slab rates.
What is it actually ?
S.Srinivasaraghavan
(Chief Financial Officer and Co)
(11318 Points)
Replied 04 November 2008
Political parties satisfying the conditions of section 13A are exempted from taxation.
vivek kumar jain
(service/student)
(559 Points)
Replied 04 November 2008
dear,
i think political party are neither treated as aop/boi or local authority.
Devendra
(Qualified Audit Assistant)
(521 Points)
Replied 04 November 2008
As per section 13A of Income Tax Act, 1961, the following income of political party will be exempt:
1.Income from House Property
2.Capital Gains
3.Income from Other Sources
What about the Business Income of the political party ?
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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