9911796707
TMI BlogELECTORAL TRUSTS SCHEME, 2013X X X X Extracts X X X X X X X X Extracts X X X X ..... of section 2 of the Act. 2. Objectives of the Scheme - To lay down a procedure for grant of approval to an electoral trust which will receive voluntary contributions and distribute the same to the political parties. 3. Definitions - In this Scheme unless the context otherwise requires,- (a) Act means the Income-tax Act, 1961 (43 of 1961); (b) Rules means the Income-tax Rules, 1962; (c) Scheme means the 1 [Electoral Trusts Scheme, 2013]; and (d) the words and expressions used herein but not defined and defined in the Act shall have the same meanings as assigned to them in the Act. 4. Eligibility - A company registered for the purposes of section 25 of the Companies Act, 1956 (1 of 1956) satisfying all of the following conditions shall be el ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... referred to therein is not attached with it, the Commissioner of Income-tax or the Director of Income-tax, as the case may be, shall intimate the defect to the applicant within thirty days from the date of receipt of the application form in his office; (d) the applicant shall remove the defect within a period of fifteen days from the date of such intimation or within such further period which, on an application made in this behalf, may be extended. However, the total period for removal of defect shall not exceed thirty days; (e) if the applicant fails to remove the defect within the period so allowed, the Commissioner of Income-tax or the Director of Income-tax, as the case may be, shall send his recommendation to the Member (Income-tax), ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Direct Taxes within six months from the end of the month in which the application form was received from the applicant in the office of Member (Income-tax), Central Board of Direct Taxes; (m) the period of limitation of six months referred to in sub-clause (1) shall exclude the period beginning from the date of the intimation of the defect under clause (c) by the Commissioner of Income-tax or the Director of Income-tax, as the case may be, to the date the applicant removes such defect; (n) a copy of the order invalidating or rejecting the application or withdrawing the approval shall be sent to the applicant, the Assessing Officer and the Commissioner of Income-tax or the Director of Income-tax, as the case may be; (o) the approval shall ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1956 ), which satisfies the conditions referred to in paragraph 4 of this Scheme; (b) the object of the electoral trust shall not be to earn any profit or pass any direct or indirect benefit to its members or contributors, or to any person referred to in sub-section (3) of section 13 of the Act, or any person referred to in sub-rule (10) of rule 17CA of the Rules; (c) it has made adequate arrangement for recording the receipts from the contributors in accordance with rule 17CA; and (d) the stipulations contained in sub-rules (2) to (15) of rule 17CA of the Rules for the functioning of an electoral trust are specifically included in the articles of association of the company registered for the purposes of section 25 of the Companies Act, 19 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not fulfilling any of the conditions specified under this Scheme or the conditions subject to which approval was granted to it or does not function in accordance with Rule 17CA, he may, after making appropriate enquiries, furnish a report to the Central Board of Direct Taxes in this regard and the Board may take such action on the report as it may deem fit (4) An order for withdrawal of the approval shall be passed after giving the electoral trust an opportunity of being heard, and shall record the reasons in writing for the withdrawal of approval. (5) A copy of the order withdrawing the approval shall be sent to the applicant, the Assessing Officer and the Commissioner of Income-tax or the Director of Income-tax, as the case may be. FORM ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f any; (g) an undertaking in the form of an affidavit stating that the receipts shall be distributed only to political parties registered under section 29A of the Representation of the People Act, 1951; and (h) copies of the accounts of the applicant for the last one/two/three years as applicable. Verification (a) The particulars given above and in the enclosed documents are true and correct. (b) The requirements contained in the rule 17CA of the Rules relating to the functioning of Electoral Trusts have been specifically included in the Articles of Association of the Company and shall be complied with. (c) I shall comply with all the provisions of the Scheme, the concerned rules and all the prescribed conditions subject to which approval, ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
