{"id":103171,"date":"2017-02-02T11:50:07","date_gmt":"2017-02-02T06:20:07","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=103171"},"modified":"2017-02-02T11:51:01","modified_gmt":"2017-02-02T06:21:01","slug":"political-parties-cannot-receive-donation-above-rs-2000-in-cash-from-one-person-file-itr-within-time-limit","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2017\/02\/02\/political-parties-cannot-receive-donation-above-rs-2000-in-cash-from-one-person-file-itr-within-time-limit\/","title":{"rendered":"Political Parties cannot receive donation above Rs. 2000 in cash from one person, have to file ITR within time-limit"},"content":{"rendered":"<p style=\"text-align: justify;\">The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitely while presenting the General Budget 2017-18 in Parliament said that the political party can receive maximum donation up to Rs. 2,000 in cash from one person. Proposing steps towards transparent funding of political parties, the Finance Minister Shri Jaitley proposed that banks will issue Electoral Bonds to enable donations to political parties.\u00a0The Finance Minister \u00a0further said that the political parties will be entitled to receive donations by cheque or digital mode from their donors. Every political party will have to file its Income Tax Return within the prescribed time limit, he added.<\/p>\n<p style=\"text-align: justify;\">In a significant step to cleanse the system of funding of political parties, Shri Jaitley said that donations to political parties can soon be made by purchasing electoral bonds from authorized banks. The Finance Minister said that the Government will soon frame a Scheme in this regard and an amendment is being proposed to the Reserve Bank of India Act to enable the issuance of electoral bonds. He said that a donor could purchase bonds from authorised banks against cheque and digital payments only. These bonds shall be redeemable in the designated account of a registered political party within the prescribed time limit from issuance of bond, he added.<\/p>\n<p style=\"text-align: justify;\">The Finance Minister said that these steps have been proposed as the political funding for elections couldn\u2019t become transparent though attempts were made to cleanse the system. Despite amendment to the Representation of Peoples\u2019 Act, the Companies Act and the Income Tax Act to incentivise political donations by individuals, partnership firms, HUFs and companies, political parties continue to receive most of their funds through anonymous donations which are shown in cash. He said that the situation has only marginally improved since the provisions were introduced, such as granting exemption from payment of tax to both the donor and the donee, provided a list of donors is maintained, who had contributed more than Rs. 20,000.<\/p>\n<p style=\"text-align: right;\">Ministry of Finance<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitely while presenting the General Budget 2017-18 in Parliament said that the <\/p>\n","protected":false},"author":91,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1188,2],"tags":[],"class_list":["post-103171","post","type-post","status-publish","format-standard","hentry","category-hot_off_the_press","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium 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The total resources being transferred to the States and the Union Territories with Legislatures is Rs. 4.11 lakh crores in 2017-18, as\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"TEC-India.jpg","src":"https:\/\/i0.wp.com\/pibphoto.nic.in\/documents\/rlink\/2017\/feb\/i20172101.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":314761,"url":"https:\/\/www.scconline.com\/blog\/post\/2024\/02\/20\/analysis-and-anatomy-of-electoral-bond-judgment\/","url_meta":{"origin":103171,"position":1},"title":"Analysis and Anatomy of Electoral Bond Judgment","author":"Bhumika Indulia","date":"February 20, 2024","format":false,"excerpt":"by Siddharth R. Gupta* Cite as: 2024 SCC OnLine Blog Exp 17","rel":"","context":"In &quot;Experts Corner&quot;","block_context":{"text":"Experts Corner","link":"https:\/\/www.scconline.com\/blog\/post\/category\/experts_corner\/"},"img":{"alt_text":"Electoral Bond Judgment","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/Electoral-Bond-Judgment.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/Electoral-Bond-Judgment.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/Electoral-Bond-Judgment.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/Electoral-Bond-Judgment.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":227105,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/16\/in-rajya-sabha-misconceptions-on-caa-and-npr-must-end-union-home-minister-appeals-to-all-political-parties-to-rise-above-politics-on-citizenship-issue\/","url_meta":{"origin":103171,"position":2},"title":"In Rajya Sabha | Misconceptions on CAA and NPR must end; Union Home Minister appeals to all Political Parties to rise above politics on Citizenship Issue","author":"Bhumika Indulia","date":"March 16, 2020","format":false,"excerpt":"Expressing grief over loss of life and property in Delhi violence, in Rajya Sabha today, Union Home Minister Amit Shah reassured the Nation that Modi Government is committed to bring the perpetrators to justice regardless of their religion, caste, creed or political affiliation. He emphasized that the due procedure of\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":213594,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/04\/12\/sc-asks-all-parties-to-submit-details-of-political-funding-received-through-electoral-bonds\/","url_meta":{"origin":103171,"position":3},"title":"SC asks all parties to submit details of political funding received through electoral bonds","author":"Prachi Bhardwaj","date":"April 12, 2019","format":false,"excerpt":"Supreme Court: The 3-judge bench of Ranjan Gogoi, CJ and Deepak Gupta and Sanjiv Khanna, JJ has directed\u00a0all the political parties who have received donations through Electoral Bonds to submit, detailed particulars of the donors as against each Bond; the amount of each such bond and the full particulars of\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":40771,"url":"https:\/\/www.scconline.com\/blog\/post\/2016\/03\/29\/political-parties-should-maintain-properly-audited-accounts-of-voluntary-contributions-government-directed-to-take-measures-to-check-use-of-money-power-in-polls\/","url_meta":{"origin":103171,"position":4},"title":"Political parties should maintain properly audited accounts of \u2018voluntary contributions\u201d","author":"Sucheta","date":"March 29, 2016","format":false,"excerpt":"Delhi High Court: While disposing of an appeal filed by the Indian National Congress for exemption from income tax for the assessment year 1994-95, the Court held that proper auditing of accounts of political parties is imperative and critical for free and fair elections, as they deal in large sums\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":225461,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/02\/11\/national-institute-of-financial-management-to-be-renamed-as-arun-jaitley-national-institute-of-financial-management\/","url_meta":{"origin":103171,"position":5},"title":"National Institute of Financial Management to be renamed as &#8212; Arun Jaitley National Institute of Financial Management","author":"Bhumika Indulia","date":"February 11, 2020","format":false,"excerpt":"The Government of India has decided to rename the National Institute of Financial Management (NIFM), Faridabad as Arun Jaitley National Institute of Financial Management (AJNIFM). 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