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TMI BlogTAXATION LAWS (AMENDMENT) ACT, 1978X X X X Extracts X X X X X X X X Extracts X X X X ..... emption of political parties from wealth-tax 10 AMENDMENTS TO INCOME-TAX ACT TAXATION LAWS (AMENDMENT) ACT, 1978 Special provisions relating to income of political parties - New section 13A 3. The Amending Act has inserted a new section 13A in Chapter III which provides that the following categories of income derived by a political party will not be included in computing its total income : a. any income which is chargeable under the heads "Interest on securities", "Income from house property " and "Income from other sources", and b. any income by way of voluntary contributions. TAXATION LAWS (AMENDMENT) ACT, 1978 4. Exemption under the new provision will not be available unless ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ection(2B) in section 37 to provide that, notwithstanding anything contained in sub-section (1) of that section, no deduction shall be allowed in respect of expenditure incurred by an assessee on advertisement in any souvenir, brochure, tract, pamphlet or the like published by a political party. It is relevant to note, that the term "political party" has not been defined for the purposes of this provision. As such, the term will bear its ordinary meaning and, therefore, wider connotation for the purposes of this provision. TAXATION LAWS (AMENDMENT) ACT, 1978 Consequential amendment in section 37(3A) 7. The Amending Act has also made certain consequential amendments in new sub-section (3A) directed to be inserted in section 37 by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... such chief executive officer is known as Secretary or by any other designation) of every political party to furnish a return of income of the political party, if the total income of the political party, as computed under the provisions of the Income-tax Act without giving effect to the exemption under new section 13A, exceeds the maximum amount which is not chargeable to income-tax. The term "political party" has been defined for the purposes of section 139(4B) and, as such, for the purposes of this provision also, it will bear its ordinary and wider meaning. [Section 2( c ) of the Amending Act] AMENDMENT TO WEALTH-TAX ACT TAXATION LAWS (AMENDMENT) ACT, 1978 Exemption of political parties from wealth-tax - Section 45(i) 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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