http://www.arthapedia.in/index.php?title=Electoral_Trust&feed=atom&action=historyElectoral Trust - Revision history2024-03-29T11:01:56ZRevision history for this page on the arthapediaMediaWiki 1.17.0http://www.arthapedia.in/index.php?title=Electoral_Trust&diff=3975&oldid=prevRosemary.a at 13:41, 6 June 20172017-06-06T13:41:40Z<p></p>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>'''Recognition of Electoral Trust'''</div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>'''Recognition of Electoral Trust'''</div></td></tr>
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<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div>The Central Government amended the Income Tax Rules, 1962 on the 31 January, 2013 to insert <del class="diffchange diffchange-inline">Rule 17CA to list the functions of Electoral Trusts which are approved by the Central Bureau of Direct Taxes (CBDT). As per </del>[http://www.incometaxindia.gov.in/Rules/Income-Tax%20Rules/2008/103120000000009096.htm Rule 17CA <del class="diffchange diffchange-inline">of Income-tax Rules, 1962</del>]<del class="diffchange diffchange-inline">, </del>the <del class="diffchange diffchange-inline">electoral trusts can receive voluntary contribution from any company or individual for funding </del>of <del class="diffchange diffchange-inline">Political parties</del>.  </div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div>The Central Government amended the Income Tax Rules, 1962 on the 31 January, 2013 to insert [http://www.incometaxindia.gov.in/Rules/Income-Tax%20Rules/2008/103120000000009096.htm Rule 17CA] <ins class="diffchange diffchange-inline">to list </ins>the <ins class="diffchange diffchange-inline">functions </ins>of <ins class="diffchange diffchange-inline">Electoral Trusts which are approved by the Central Bureau of Direct Taxes (CBDT)</ins>. <ins class="diffchange diffchange-inline"> </ins></div></td></tr>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>[http://www.incometaxindia.gov.in/ccit/cbdt.asp Central Board of Direct Taxes] (CBDT) notified(Notification No. 9/2013/SO 309(E)), the operational guidelines- Electoral Trust Scheme 2013- on 31 January 2013, to lay down a procedure for grant of approval to an electoral trust. It is mandated that such electoral trusts have to be registered as a [[Section 25 Company|Section 25 Company]] and should bear the phrase “electoral trust” in its name. In the new [http://www.mca.gov.in/Ministry/pdf/The_Companies_Bill_2012.pdf Companies Act 2013], provisions corresponding to Section 25 are given at Section 8.  </div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>[http://www.incometaxindia.gov.in/ccit/cbdt.asp Central Board of Direct Taxes] (CBDT) notified(Notification No. 9/2013/SO 309(E)), the operational guidelines- Electoral Trust Scheme 2013- on 31 January 2013, to lay down a procedure for grant of approval to an electoral trust. It is mandated that such electoral trusts have to be registered as a [[Section 25 Company|Section 25 Company]] and should bear the phrase “electoral trust” in its name. In the new [http://www.mca.gov.in/Ministry/pdf/The_Companies_Bill_2012.pdf Companies Act 2013], provisions corresponding to Section 25 are given at Section 8.  </div></td></tr>
</table>Rosemary.ahttp://www.arthapedia.in/index.php?title=Electoral_Trust&diff=3974&oldid=prevRosemary.a at 10:30, 6 June 20172017-06-06T10:30:04Z<p></p>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>The objective of the Electoral Trust is not to earn any profit or pass any direct or indirect benefit to its members or contributors. The sole objective is to distribute the contributions received by it to the political party concerned. This is a mechanism for bringing transparency and sanity in the [http://en.wikipedia.org/wiki/Political_party_funding political party funding].  </div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>The objective of the Electoral Trust is not to earn any profit or pass any direct or indirect benefit to its members or contributors. The sole objective is to distribute the contributions received by it to the political party concerned. This is a mechanism for bringing transparency and sanity in the [http://en.wikipedia.org/wiki/Political_party_funding political party funding].  </div></td></tr>
<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">By routing the political contributions through an electoral trust, companies can escape from the dislikes of any political party to which it has not donated. </ins></div></td></tr>
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</table>Rosemary.ahttp://www.arthapedia.in/index.php?title=Electoral_Trust&diff=3973&oldid=prevRosemary.a at 10:20, 6 June 20172017-06-06T10:20:04Z<p></p>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>'''Functioning'''  </div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>'''Functioning'''  </div></td></tr>
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<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div>Electoral Trust can raise funds from Indian citizens and domestic companies which are registered in India and also from a firm or Hindu Undivided Family<sup class="reference">[[#ref1| or an Association of persons or a body of individuals, who are resident in India. The electoral trust cannot accept any contribution without the permanent account number (PAN) of the contributor, who is a resident and the passport number in the case of a citizen of India, who is not a resident.</div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div>Electoral Trust can raise funds from Indian citizens and domestic companies which are registered in India and also from a firm or Hindu Undivided Family<sup class="reference">[[#ref1|<ins class="diffchange diffchange-inline">[1]]]</sup> </ins>or an Association of persons or a body of individuals, who are resident in India. The electoral trust cannot accept any contribution without the permanent account number (PAN) of the contributor, who is a resident and the passport number in the case of a citizen of India, who is not a resident.</div></td></tr>
<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td></tr>
<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>The electoral trust cannot accept contributions from non-citizens, other electoral trust or government companies or from any other foreign sources or from any foreign entity whether incorporated or not. They cannot take contributions in cash.  </div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>The electoral trust cannot accept contributions from non-citizens, other electoral trust or government companies or from any other foreign sources or from any foreign entity whether incorporated or not. They cannot take contributions in cash.  </div></td></tr>
</table>Rosemary.ahttp://www.arthapedia.in/index.php?title=Electoral_Trust&diff=3972&oldid=prevRosemary.a at 10:15, 6 June 20172017-06-06T10:15:21Z<p></p>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>'''Functioning'''  </div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>'''Functioning'''  </div></td></tr>
<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div>Electoral Trust can raise funds from Indian citizens and domestic companies which are registered in India and also from a firm or Hindu <del class="diffchange diffchange-inline">undivided family </del>or an Association of persons or a body of individuals, who are resident in India. The electoral trust cannot accept any contribution without the permanent account number (PAN) of the contributor, who is a resident and the passport number in the case of a citizen of India, who is not a resident.</div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div> </div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div>Electoral Trust can raise funds from Indian citizens and domestic companies which are registered in India and also from a firm or Hindu <ins class="diffchange diffchange-inline">Undivided Family<sup class="reference">[[#ref1| </ins>or an Association of persons or a body of individuals, who are resident in India. The electoral trust cannot accept any contribution without the permanent account number (PAN) of the contributor, who is a resident and the passport number in the case of a citizen of India, who is not a resident.</div></td></tr>
<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td></tr>
<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>The electoral trust cannot accept contributions from non-citizens, other electoral trust or government companies or from any other foreign sources or from any foreign entity whether incorporated or not. They cannot take contributions in cash.  </div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>The electoral trust cannot accept contributions from non-citizens, other electoral trust or government companies or from any other foreign sources or from any foreign entity whether incorporated or not. They cannot take contributions in cash.  </div></td></tr>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>Those electoral trusts which are recognised by the CBDT, and their contribution reports are maintained by the Election Commission of India and can be seen [http://eci.nic.in/eci_main1/PolPar/ContributionReports.aspx here].   </div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>Those electoral trusts which are recognised by the CBDT, and their contribution reports are maintained by the Election Commission of India and can be seen [http://eci.nic.in/eci_main1/PolPar/ContributionReports.aspx here].   </div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;"></ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;"></ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;"><span class="small_footernote" id="ref1">1. The term ''''Hindu Undivided Family'''' has not been defined under the Income Tax Act. It is defined under the Hindu Law as a family that consists of all persons lineally descended from a common ancestor, including wives and unmarried daughters.  A HUF cannot be formed by a group of people who do not constitute a family; lineal descendents with a common ancestor is a must. Even though Jain and Sikh families are not governed by the Hindu law, they can still be treated as a HUF. A HUF gets created the moment a person marries. (Source: knowledge.icsi.edu  presentation by by Nikhil Agarwal & Sudhir Saklani)</span></ins></div></td></tr>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>==Also See==</div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>==Also See==</div></td></tr>
</table>Rosemary.ahttp://www.arthapedia.in/index.php?title=Electoral_Trust&diff=3971&oldid=prevRosemary.a at 10:12, 6 June 20172017-06-06T10:12:51Z<p></p>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>The objective of the Electoral Trust is not to earn any profit or pass any direct or indirect benefit to its members or contributors. The sole objective is to distribute the contributions received by it to the political party concerned. This is a mechanism for bringing transparency and sanity in the [http://en.wikipedia.org/wiki/Political_party_funding political party funding].  </div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>The objective of the Electoral Trust is not to earn any profit or pass any direct or indirect benefit to its members or contributors. The sole objective is to distribute the contributions received by it to the political party concerned. This is a mechanism for bringing transparency and sanity in the [http://en.wikipedia.org/wiki/Political_party_funding political party funding].  </div></td></tr>
<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td></tr>
<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div><del class="diffchange diffchange-inline">[http://www.incometaxindia.gov.</del>in<del class="diffchange diffchange-inline">/ccit/cbdt.asp Central Board </del>of <del class="diffchange diffchange-inline">Direct Taxes] (CBDT) notified(Notification No</del>. <del class="diffchange diffchange-inline">9/2013/SO 309</del>(<del class="diffchange diffchange-inline">E</del>)<del class="diffchange diffchange-inline">), </del>the <del class="diffchange diffchange-inline">operational guidelines- Electoral Trust Scheme 2013- on 31 January 2013</del>, <del class="diffchange diffchange-inline">to lay down a procedure for grant of approval to an electoral trust. It </del>is <del class="diffchange diffchange-inline">mandated that such electoral trusts have to be registered as </del>a <del class="diffchange diffchange-inline">[[Section 25 Company|Section 25 Company]] </del>and <del class="diffchange diffchange-inline">should bear </del>the <del class="diffchange diffchange-inline">phrase “electoral trust” </del>in <del class="diffchange diffchange-inline">its name. In </del>the <del class="diffchange diffchange-inline">new [http://www</del>.<del class="diffchange diffchange-inline">mca.gov</del>.in<del class="diffchange diffchange-inline">/Ministry/pdf/The_Companies_Bill_2012</del>.<del class="diffchange diffchange-inline">pdf Companies Act 2013], provisions corresponding </del>to <del class="diffchange diffchange-inline">Section 25 are given </del>at <del class="diffchange diffchange-inline">Section 8</del>.  </div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div> </div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">'''Functioning''' </ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">Electoral Trust can raise funds from Indian citizens and domestic companies which are registered </ins>in <ins class="diffchange diffchange-inline">India and also from a firm or Hindu undivided family or an Association </ins>of <ins class="diffchange diffchange-inline">persons or a body of individuals, who are resident in India</ins>. <ins class="diffchange diffchange-inline">The electoral trust cannot accept any contribution without the permanent account number </ins>(<ins class="diffchange diffchange-inline">PAN</ins>) <ins class="diffchange diffchange-inline">of </ins>the <ins class="diffchange diffchange-inline">contributor</ins>, <ins class="diffchange diffchange-inline">who </ins>is a <ins class="diffchange diffchange-inline">resident </ins>and the <ins class="diffchange diffchange-inline">passport number </ins>in the <ins class="diffchange diffchange-inline">case of a citizen of India, who is not a resident</ins>.</div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div> </div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">The electoral trust cannot accept contributions from non-citizens, other electoral trust or government companies or from any other foreign sources or from any foreign entity whether incorporated or not</ins>. <ins class="diffchange diffchange-inline">They cannot take contributions </ins>in <ins class="diffchange diffchange-inline">cash</ins>.  </div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div> </div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">An electoral trust is required </ins>to <ins class="diffchange diffchange-inline">distribute </ins>at <ins class="diffchange diffchange-inline">least 95% of the total contributions received during the financial year along with the surplus brought forward from earlier financial year to the eligible political parties before 31st March of the said financial year. Electoral Trust cannot use the contributions to the benefit of its own members or contributors directly or indirectly</ins>.  </div></td></tr>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td></tr>
<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>The Central Government amended the Income Tax Rules, 1962 on the 31 January, 2013 to insert Rule 17CA to list the functions of Electoral Trusts which are approved by the Central Bureau of Direct Taxes (CBDT). As per [http://www.incometaxindia.gov.in/Rules/Income-Tax%20Rules/2008/103120000000009096.htm Rule 17CA of Income-tax Rules, 1962], the electoral trusts can receive voluntary contribution from any company or individual for funding of Political parties.  </div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>The Central Government amended the Income Tax Rules, 1962 on the 31 January, 2013 to insert Rule 17CA to list the functions of Electoral Trusts which are approved by the Central Bureau of Direct Taxes (CBDT). As per [http://www.incometaxindia.gov.in/Rules/Income-Tax%20Rules/2008/103120000000009096.htm Rule 17CA of Income-tax Rules, 1962], the electoral trusts can receive voluntary contribution from any company or individual for funding of Political parties.  </div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;"></ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">[http://www.incometaxindia.gov.in/ccit/cbdt.asp Central Board of Direct Taxes] (CBDT) notified(Notification No. 9/2013/SO 309(E)), the operational guidelines- Electoral Trust Scheme 2013- on 31 January 2013, to lay down a procedure for grant of approval to an electoral trust. It is mandated that such electoral trusts have to be registered as a [[Section 25 Company|Section 25 Company]] and should bear the phrase “electoral trust” in its name. In the new [http://www.mca.gov.in/Ministry/pdf/The_Companies_Bill_2012.pdf Companies Act 2013], provisions corresponding to Section 25 are given at Section 8. </ins></div></td></tr>
<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td></tr>
<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>The electoral trust will have to apply to CBDT on or before 31 July of the previous year relevant to the assessment year for which the approval is sought.  Approval may be given for one year or 3 years at a stretch, as specified in the approval communication. Approval can be withdrawn by the CBDT if it is satisfied that the Electoral Trust ceased to exist, or is not genuine or have not complied with the specified conditions. CBDT is empowered to call for information from the electoral trust.  </div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>The electoral trust will have to apply to CBDT on or before 31 July of the previous year relevant to the assessment year for which the approval is sought.  Approval may be given for one year or 3 years at a stretch, as specified in the approval communication. Approval can be withdrawn by the CBDT if it is satisfied that the Electoral Trust ceased to exist, or is not genuine or have not complied with the specified conditions. CBDT is empowered to call for information from the electoral trust.  </div></td></tr>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>Those electoral trusts which are recognised by the CBDT, and their contribution reports are maintained by the Election Commission of India and can be seen [http://eci.nic.in/eci_main1/PolPar/ContributionReports.aspx here].   </div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>Those electoral trusts which are recognised by the CBDT, and their contribution reports are maintained by the Election Commission of India and can be seen [http://eci.nic.in/eci_main1/PolPar/ContributionReports.aspx here].   </div></td></tr>
<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">==Also See==</ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">*[http://arthapedia.in/index.php?title=Electoral_Bond Electoral Bonds] </ins></div></td></tr>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>==Contributed by==</div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>==Contributed by==</div></td></tr>
</table>Rosemary.ahttp://www.arthapedia.in/index.php?title=Electoral_Trust&diff=3417&oldid=prevArthapedia: /* Contributed by */2016-04-19T10:57:02Z<p><span class="autocomment">Contributed by</span></p>
<table style="background-color: white; color:black;">
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>==Contributed by==</div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>==Contributed by==</div></td></tr>
<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div>* [http://www.ies.gov.in/myaccount-profile-view.php?memid=338 Rosemary Abraham, IES(2006)]</div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div>* [http://www.ies.gov.in/myaccount-profile-view.php?memid=338 Rosemary <ins class="diffchange diffchange-inline">K. </ins>Abraham, IES(2006)]</div></td></tr>
<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>*Email- [mailto:rosemary.a@nic.in rosemary.a@nic.in]</div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>*Email- [mailto:rosemary.a@nic.in rosemary.a@nic.in]</div></td></tr>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>[[Category:concepts|ElectoralTrust]]</div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>[[Category:concepts|ElectoralTrust]]</div></td></tr>
</table>Arthapediahttp://www.arthapedia.in/index.php?title=Electoral_Trust&diff=2515&oldid=prevRosemary.a at 12:53, 12 September 20152015-09-12T12:53:08Z<p></p>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>'''Recognition of Electoral Trust'''</div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>'''Recognition of Electoral Trust'''</div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;"></ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">The Central Government amended the Income Tax Rules, 1962 on the 31 January, 2013 to insert Rule 17CA to list the functions of Electoral Trusts which are approved by the Central Bureau of Direct Taxes (CBDT). As per [http://www.incometaxindia.gov.in/Rules/Income-Tax%20Rules/2008/103120000000009096.htm Rule 17CA of Income-tax Rules, 1962], the electoral trusts can receive voluntary contribution from any company or individual for funding of Political parties. </ins></div></td></tr>
<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td></tr>
<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>The electoral trust will have to apply to CBDT on or before 31 July of the previous year relevant to the assessment year for which the approval is sought.  Approval may be given for one year or 3 years at a stretch, as specified in the approval communication. Approval can be withdrawn by the CBDT if it is satisfied that the Electoral Trust ceased to exist, or is not genuine or have not complied with the specified conditions. CBDT is empowered to call for information from the electoral trust.  </div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>The electoral trust will have to apply to CBDT on or before 31 July of the previous year relevant to the assessment year for which the approval is sought.  Approval may be given for one year or 3 years at a stretch, as specified in the approval communication. Approval can be withdrawn by the CBDT if it is satisfied that the Electoral Trust ceased to exist, or is not genuine or have not complied with the specified conditions. CBDT is empowered to call for information from the electoral trust.  </div></td></tr>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>'''Fund raising by political parties'''</div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>'''Fund raising by political parties'''</div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;"></ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">At present, there is no direct state funding of political parties in India. However, there are some other benefits granted to political parties like, </ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">#Providing free electoral rolls to the candidates and recognised political parties, </ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">#Providing free air time to the recognised political parties on state owned media, </ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">#Providing free space in state capitals for the office of the recognised political parties; and </ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">#Tax exemption on the income of the political parties.</ins></div></td></tr>
<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td></tr>
<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>Section 29B of the [http://lawmin.nic.in/legislative/election/volume%201/representation%20of%20the%20people%20act,%201951.pdf Representation of People Act, 1951], provides that subject to the provisions of the Companies Act, every political party may accept any amount of contribution voluntarily offered to it by any person or company other than a Government company. Here the word “person” does not include Government company, local authority or artificial juridical person wholly or partiallyfunded by the Government.</div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>Section 29B of the [http://lawmin.nic.in/legislative/election/volume%201/representation%20of%20the%20people%20act,%201951.pdf Representation of People Act, 1951], provides that subject to the provisions of the Companies Act, every political party may accept any amount of contribution voluntarily offered to it by any person or company other than a Government company. Here the word “person” does not include Government company, local authority or artificial juridical person wholly or partiallyfunded by the Government.</div></td></tr>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>Section 182 of the Companies Act, 2013 specifies that a company which has been in existence for more than three years can contribute to political parties upto 7.5% of its average net profit earned during the three immediately preceding financial years, provided the same is approved through a  resolution passed at a meeting of the Board of Directors of the Company. A company can also make contributions within the above limits and restrictions to Electoral Trusts.</div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>Section 182 of the Companies Act, 2013 specifies that a company which has been in existence for more than three years can contribute to political parties upto 7.5% of its average net profit earned during the three immediately preceding financial years, provided the same is approved through a  resolution passed at a meeting of the Board of Directors of the Company. A company can also make contributions within the above limits and restrictions to Electoral Trusts.</div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;"></ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">The political parties are required to submit a report on the contribution received in excess of Rs. 20,000/- from any person or company or entity to the Election Commission of India under Section 29C of the Representation of the People Act 1951, before the due date of filing of Income Tax Return.</ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;"></ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">In addition, the Election Commission of India (ECI), on [http://eci.nic.in/eci_main1/PolPar/ElectoralTrust_06062014.pdf 6 June 2014, issued Guidelines] to all those CBDT recognized Electoral Trusts to submit to the Commission an Annual Report containing details of the contributions it received and the donations it gave to political parties, apart from an audit report.</ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;"></ins></div></td></tr>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>'''Tax treatment of political contributions'''</div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>'''Tax treatment of political contributions'''</div></td></tr>
<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td></tr>
<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div>The tax treatment for the contributions made by companies and persons / individuals for political party funding is specified in Section <del class="diffchange diffchange-inline">80GGBand </del>Section 80GGC, respectively of the [http://law.incometaxindia.gov.in/DIT/Income-tax-acts.aspx Income Tax Act,1961].  </div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div>The tax treatment for the contributions made by companies and persons / individuals for political party funding is specified in Section <ins class="diffchange diffchange-inline">80GGB and </ins>Section 80GGC, respectively of the [http://law.incometaxindia.gov.in/DIT/Income-tax-acts.aspx Income Tax Act,1961].  </div></td></tr>
<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td></tr>
<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>In case of an Indian company,any sum contributed by it in the previous year to any political party or an electoral trust shall be deductible from the income tax liability. Same is the case for any contributing “person”, provided, the person is not a local authority or artificial juridical person wholly or partly funded by the Government.  </div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>In case of an Indian company,any sum contributed by it in the previous year to any political party or an electoral trust shall be deductible from the income tax liability. Same is the case for any contributing “person”, provided, the person is not a local authority or artificial juridical person wholly or partly funded by the Government.  </div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">'''Data'''</ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;"></ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">The list of Section 8 Companies (or Section 25  companies as per erstwhile Companies Act of 1956) including electoral trust are maintained by Ministry of Corporate Affairs. The list as on 31 March 2015 may be seen [http://www.mca.gov.in/DataPortal/Ministry/DataPortal/Section25_Companies.pdf here].</ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;"></ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">Those electoral trusts which are recognised by the CBDT, and their contribution reports are maintained by the Election Commission of India and can be seen [http://eci.nic.in/eci_main1/PolPar/ContributionReports.aspx here].  </ins></div></td></tr>
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</table>Rosemary.ahttp://www.arthapedia.in/index.php?title=Electoral_Trust&diff=1920&oldid=prevArthapedia at 06:58, 8 April 20152015-04-08T06:58:59Z<p></p>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>==Contributed by==</div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>==Contributed by==</div></td></tr>
<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>* [http://www.ies.gov.in/myaccount-profile-view.php?memid=338 Rosemary Abraham, IES(2006)]</div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>* [http://www.ies.gov.in/myaccount-profile-view.php?memid=338 Rosemary Abraham, IES(2006)]</div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">*Email- [mailto:rosemary.a@nic.in rosemary.a@nic.in]</ins></div></td></tr>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>[[Category:concepts|ElectoralTrust]]</div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>[[Category:concepts|ElectoralTrust]]</div></td></tr>
</table>Arthapediahttp://www.arthapedia.in/index.php?title=Electoral_Trust&diff=1682&oldid=prevRosemary.a at 11:40, 27 February 20152015-02-27T11:40:13Z<p></p>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>Further, no political party shall be eligible to accept any contribution from any foreign source defined under the [http://mha.nic.in/fcra.htm Foreign Contribution (Regulation) Act, 2010]. The [http://mha.nic.in/fcra/intro/FCRA-Citi-Chart.pdf Citizen’s charter] issued by the Ministry of Home Affairs has clarified that foreign contribution cannot be accepted by a candidate for election, member of any legislature, political party or office bearer thereof.</div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>Further, no political party shall be eligible to accept any contribution from any foreign source defined under the [http://mha.nic.in/fcra.htm Foreign Contribution (Regulation) Act, 2010]. The [http://mha.nic.in/fcra/intro/FCRA-Citi-Chart.pdf Citizen’s charter] issued by the Ministry of Home Affairs has clarified that foreign contribution cannot be accepted by a candidate for election, member of any legislature, political party or office bearer thereof.</div></td></tr>
<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td></tr>
<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div>Section 182 of the Companies Act, 2013 specifies that a company which has been in existence for more than three years can contribute to political parties upto 7.5% of its average net profit earned during the three immediately preceding financial years, provided the same is approved through a  resolution passed at a meeting of the Board of Directors of the Company.  </div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div>Section 182 of the Companies Act, 2013 specifies that a company which has been in existence for more than three years can contribute to political parties upto 7.5% of its average net profit earned during the three immediately preceding financial years, provided the same is approved through a  resolution passed at a meeting of the Board of Directors of the Company. <ins class="diffchange diffchange-inline">A company can also make contributions within the above limits and restrictions to Electoral Trusts.</ins></div></td></tr>
<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div> </div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div></div></td></tr>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>'''Tax treatment of political contributions'''</div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>'''Tax treatment of political contributions'''</div></td></tr>
</table>Rosemary.ahttp://www.arthapedia.in/index.php?title=Electoral_Trust&diff=1357&oldid=prevRosemary.a at 08:16, 30 September 20132013-09-30T08:16:36Z<p></p>
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<td colspan='2' style="background-color: white; color:black;">Revision as of 08:16, 30 September 2013</td>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>Further, no political party shall be eligible to accept any contribution from any foreign source defined under the [http://mha.nic.in/fcra.htm Foreign Contribution (Regulation) Act, 2010]. The [http://mha.nic.in/fcra/intro/FCRA-Citi-Chart.pdf Citizen’s charter] issued by the Ministry of Home Affairs has clarified that foreign contribution cannot be accepted by a candidate for election, member of any legislature, political party or office bearer thereof.</div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>Further, no political party shall be eligible to accept any contribution from any foreign source defined under the [http://mha.nic.in/fcra.htm Foreign Contribution (Regulation) Act, 2010]. The [http://mha.nic.in/fcra/intro/FCRA-Citi-Chart.pdf Citizen’s charter] issued by the Ministry of Home Affairs has clarified that foreign contribution cannot be accepted by a candidate for election, member of any legislature, political party or office bearer thereof.</div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">Section 182 of the Companies Act, 2013 specifies that a company which has been in existence for more than three years can contribute to political parties upto 7.5% of its average net profit earned during the three immediately preceding financial years, provided the same is approved through a  resolution passed at a meeting of the Board of Directors of the Company. </ins></div></td></tr>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>However, no deduction shall be allowed in respect of any sum contributed by way of cash.This provision was made to the Income Tax Act, vide the Finance Act, 2013, '''with effect from 1-4-2014'''.</div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>However, no deduction shall be allowed in respect of any sum contributed by way of cash.This provision was made to the Income Tax Act, vide the Finance Act, 2013, '''with effect from 1-4-2014'''.</div></td></tr>
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</table>Rosemary.a