Cleaning It Up ; 100 Per Cent or Every Rupee Donated to an Electoral Trust Will Be Allowed to Be Deducted From Taxable Income.
Linked as:
Summary
Delhi: With everyone queuing up for sops it was only natural that political parties got some too. Budget 2009 proposes that donations to electoral trustsa forum or even a front used to donate money to partieswill be exempt from tax. Simply put, 100 per cent or every rupee donated to an electoral trust will be allowed to be deducted from taxable income. It is a small step towards cleaning up electoral funding, which many believe is where political corruption actually starts.
In fact, in 2003 the Representation of the People Act was amended and the changes were aimed at bringing transparency and accountability into the political system and the funding of political parties. An RTI filed by India Today reveals that political parties have been collecting most of their funding through undisclosed sources. Now anyone can donate money to political trusts and claim deduction under Section 80-G of the Income Tax Act.See the full content of this document
Extract
Cleaning It Up ; 100 Per Cent or Every Rupee Donated to an Electoral Trust Will Be Allowed to Be Deducted From Taxable Income.
Political parties will hav...
See the full content of this document
Sponsored links
