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TMI BlogFunction of an Electoral Trust [ Section 13B Read with Rule 17CA ]X X X X Extracts X X X X X X X X Extracts X X X X ..... y the trust immediately on receipt of any contribution indicating the following:- (a) name and address of the contributor; (b) Permanent account number of the contributor or passport number in the case of a citizen who is not a resident; (c) amount and mode of contribution including name and branch of the Bank and date of receipt of such contribution; (d) name of the electoral trust; (e) Permanent account number of the electoral trust; (f) date and number of approval by the prescribed authority; and (g) Name and designation of the person issuing the receipt. [ Sub Rule 3 ] The electoral trust shall not accept contributions- (a) from an individual who is not a citizen of India or from any foreign entity whether incorporated or not; (b) from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ial year, if any, as reduced by the amount spent on managing its affairs, shall be the distributable contributions for the financial year; (iii) an electoral trust shall be required to distribute the distributable contributions received in a financial year, referred to in item (ii), to the eligible political parties before the 31st day of March of the said financial year, subject to the condition that at least 95%, of the total contributions received during the financial year along with the surplus brought forward from earlier financial year, if any, are distributed. [ Sub Rule 8 ] The trust shall obtain a receipt from the eligible political party indicating the name of the political party, its permanent account number, registration number, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by an accountant as defined in the Explanation below section 288(2) and furnish the audit report in Form No. 10BC along with particulars forming part of its Annexure, to the Commissioner of Income-tax or the Director of Income-tax, as the case may be, having jurisdiction over the electoral trust, on or before the due date specified for furnishing the return of income by a company under section 139. [ Sub Rule 12 ] An electoral trust shall maintain a regular record of proceedings of all meetings and decisions taken therein. [ Sub Rule 13 ] Every electoral trust shall furnish a certified copy of list of contributors and a list of political parties, to whom sums were distributed in the manner prescribed in rule 17CA(8), to the Commissioner of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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