{"id":80583,"date":"2016-12-19T04:23:34","date_gmt":"2016-12-19T04:23:34","guid":{"rendered":"http:\/\/punjabpost.in\/welcome\/?p=80583"},"modified":"2016-12-19T04:23:34","modified_gmt":"2016-12-19T04:23:34","slug":"political-parties-have-not-been-granted-any-exemption-arun-jaitley","status":"publish","type":"post","link":"https:\/\/punjabpost.in\/welcome\/80583","title":{"rendered":"Political parties have not been granted any exemption – Arun Jaitley"},"content":{"rendered":"

\"arun-jaitley1\"
\nNew Delhi, December 18 (Punjab Post Bureau) – “Political parties have not been granted any exemption post demonetization and introduction of Taxation Laws (Second Amendment) Act, 2016 which came into force on 15th December, 2016.\u00a0 Income & Donations of political parties fall in the purview of Section 13A of the Income Tax Act 1961 & there is no change in its provisions. In this era of instant outrage, a 35 year old law is presented as a new law being passed by the NDA Government.\u00a0 I implore all journalist friends to be fully outraged against any step of the Government, if it is not against corruption. But in equal measure, I would also implore them to do adequate research before jumping the gun.\u00a0 Under Section 13A of IT Act 1961, Political parties have to submit audited accounts, income & expenditure details and balance sheets.<\/p>\n

Post demonetization, no political party can accept donations in 500 and 1000 rupee notes since they were rendered illegal tenders. Any party doing so would be in violation of law.\u00a0 Just like anyone else, political parties can also deposit their cash held in the old currency in banks till the 30th of December provided they can satisfactorily explain the source of income and their books of accounts reflect the entries prior to 8 November.\u00a0If there is any discrepancy in the books or records of political parties, they are as liable to be questioned by the Income Tax authorities as is anyone else. They enjoy no immunity whatsoever.\u00a0There is no question of sparing anyone, and the political class is no exception. Infact PM Modi is setting a new example of propriety in public life, by asking all MPs & MLAs of BJP to submit their bank account details post demonetization. We would like to urge the other parties to do the same and prove their intentions against corruption.”<\/p>\n","protected":false},"excerpt":{"rendered":"

New Delhi, December 18 (Punjab Post Bureau) – “Political parties have not been granted any exemption post demonetization and introduction of Taxation Laws (Second Amendment) Act, 2016 which came into force on 15th December, 2016.\u00a0 Income & Donations of political parties fall in the purview of Section 13A of the Income Tax Act 1961 & …<\/p>\n","protected":false},"author":1,"featured_media":80585,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[11],"tags":[],"class_list":["post-80583","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-english"],"yoast_head":"\nPolitical parties have not been granted any exemption - Arun Jaitley | Punjab Post<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/punjabpost.in\/welcome\/80583\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Political parties have not been granted any exemption - Arun Jaitley | Punjab Post\" \/>\n<meta property=\"og:description\" content=\"New Delhi, December 18 (Punjab Post Bureau) – “Political parties have not been granted any exemption post demonetization and introduction of Taxation Laws (Second Amendment) Act, 2016 which came into force on 15th December, 2016.\u00a0 Income & Donations of political parties fall in the purview of Section 13A of the Income Tax Act 1961 & …\" \/>\n<meta property=\"og:url\" content=\"https:\/\/punjabpost.in\/welcome\/80583\" \/>\n<meta property=\"og:site_name\" content=\"Punjab Post\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/punjabpost.in\/welcome\/\" \/>\n<meta property=\"article:published_time\" content=\"2016-12-19T04:23:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/punjabpost.in\/welcome\/wp-content\/uploads\/2016\/12\/Arun-Jaitley1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"448\" \/>\n\t<meta property=\"og:image:height\" content=\"279\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"ppadmin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ppadmin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/punjabpost.in\/welcome\/80583\",\"url\":\"https:\/\/punjabpost.in\/welcome\/80583\",\"name\":\"Political parties have not been granted any exemption - 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