Devendra (Qualified Audit Assistant) (521 Points)
05 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 ?
S.Srinivasaraghavan
(Chief Financial Officer and Co)
(11318 Points)
Replied 05 November 2008
Taxable. But their business itself is politics!
Taxguy
(Consultant)
(3383 Points)
Replied 05 November 2008
It is a special assessment as it falls in Chapter III
CAclubindia
