Return of income of political parties

Return of income of political parties [Sec 139 (4B)]

1.Under this section,a political party is required to file a return of income if, before claiming exemption under section 13A, the party has taxable income.

2.The grant of exemption from income tax to any political party under section 13A is subject to the condition that the political party submits a return of its total income within the time limit prescribed under section 139(1).

3.The chief executive officer of the political party is statutorily required to furnish a return of income of the party for the relevent assessment year, if the amount of total income of the previous year exceeds the basic exemption limit before claming exemption under section 13A.