Rs. 2,490 cr: Tax-exempted income of parties in 5 years
In the last 5 years the tax-exempted income of the 10 main political parties has reached Rs. 2,490 crore.
Section 13A of IT Act 1961 exempts political parties from tax on their income. However, they have to maintain a book of account for donations or income above Rs. 20,000.
Some not so useful facts (Just for reading):
- Around 80% of the amount is with Congress and BJP with Rs.1385.36 crore and Rs 682 crore respectively.
- JD(U) recorded Rs. 15.51 crore.
- BSP registered an income of Rs. 147.18 crore in three financial years 2007-08, 2008-09 and 2011-12. It filed incomplete returns in 2009-10 and had no tax-exempted income in 2010-11.
- NCP had Rs. 141.34 crore .
- CPI(M) recorded an income of Rs. 85.61 crore in four years in this period while it had nil income in 2008-09.
- CPI’s income in 2008-09 and 2009-10 is pegged at Rs. 28.47 crore.
- JD(S) recorded Rs. 7.16 crore in 2009-10 and 2010-11,
- Ram Vilas Paswan’s LJP had a tax-exempted earning of Rs. 2.55 crore in four years from fiscal 2007 to fiscal 2011.
- Lalu Prasad’s RJD earned Rs. 2.85 crore in 3 years from fiscal 2008 to fiscal 2011.
In the above figures donations less than Rs. 20,000 have not been included otherwise the figures would have been much larger.
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Month: Current Affairs - December, 2012