http://economictimes.indiatimes.com/news/politics-and-nation/poliitcal-parties-exempted-from-scrutiny-for-cash-deposit-of-old-notes/articleshow/56022656.cms?from=mdr
Deposit in bank accounts of political parties exempt from tax By ET Bureau | Updated: Dec 16, 2016, 11.53 PM IST NEW DELHI: The government has said political parties depositing the demonetised Rs 500 and Rs 1,000 notes in their accounts will not face income tax investigation. "If it is a deposit in the account of a political party, they are exempt. But if it is deposited in individual's account then that information will come into our radar. If the individual is putting money in his own account, then we will get information," revenue secretary Hasmukh Adhia told reporters. Snipped On 17/12/2016, Sukla Sen <[email protected]> wrote: > [Finance Secretary Ashok Lavasa on Friday said that political parties > are exempted under Income Tax law to deposit old currency notes in > their bank accounts. The decision effectively means that political > parties will not come under any scrutiny for cash deposits in old > currency notes into their accounts. “Tax exemption on deposits by > political parties subject to individual donations not exceeding Rs > 20,000 in cash and with proper receipt,” Lavasa told reporters on > Friday] > > http://indianexpress.com/article/india/deposits-in-bank-accounts-of-political-parties-exempt-from-scrutiny-under-it-law/ > > Deposits in bank accounts of political parties exempt from scrutiny under IT > law > > "Tax exemption on deposits by political parties subject to individual > donations not exceeding Rs 20,000 in cash and with proper receipt," > Lavasa told reporters on Friday. > > By: Express Web Desk | New Delhi | Published:December 16, 2016 9:58 pm > > ***Finance Secretary Ashok Lavasa on Friday said that political > parties are exempted under Income Tax law to deposit old currency > notes in their bank accounts. The decision effectively means that > political parties will not come under any scrutiny for cash deposits > in old currency notes into their accounts. “Tax exemption on deposits > by political parties subject to individual donations not exceeding Rs > 20,000 in cash and with proper receipt,” Lavasa told reporters on > Friday.*** [Emphasis added.] > > Earlier today, Lavasa also said the cap imposed on withdrawal from > bank accounts post demonetisation will be reviewed after December 30, > the last date for depositing of old currency notes with the banks. The > government has fixed a limit of Rs 24,000 per week on withdrawal from > bank accounts and Rs 2,500 per day from ATMs in view of the currency > crunch following scrapping of 500 and 1,000 rupee notes. > > “There will be a review which will be done after December 30 and > whatever steps are required to be taken to bring things back to > normalcy, I think they will be decided only after the review is > complete,” Finance Secretary Ashok Lavasa said at a Ficci event here. > (With PTI inputs) > > -- > Peace Is Doable > -- Peace Is Doable -- You received this message because you are subscribed to the Google Groups "Green Youth Movement" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. To post to this group, send an email to [email protected]. Visit this group at https://groups.google.com/group/greenyouth. For more options, visit https://groups.google.com/d/optout.
