New Delhi: Delhi Chief Minister Arvind Kejriwal sought the setting up of a panel to investigate the source of funding received by political parties. This comes a day after after the government announced that deposits in bank accounts held by political parties will be exempted from taxes.
Addressing media-persons on Friday, Revenue Secretary Hasmukh Adhia had announced, “If it is a deposit in the account of political parties, they are exempt. But if it is deposited in any individual account, in anyone’s account, that information will definitely come on our radar.”
Finance Ministry officials said that the tax exemption to political parties will be subject to existing conditions in the law. According to Section 13A of the Income-tax Act, political parties are exempt from income tax provided they maintain books of accounts and record details of individuals making donations over Rs 20,000.