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Monday, October 20, 2014

Rs 1,381 crore of tax exemption to political parties in two years: RTI -- NEWS

New Delhi: The tax-exempted income of 13 major political parties of the country, in last two years, amount to Rs 1,381 crore, according to an RTI query.
Of this the Congress and BJP have cornered around 80 per cent.
During 2012-13 and 2013-14, the Congress had a tax- exempted income to the tune of Rs 743.76 crore whereas BJP in the same time span did for Rs 338.95 crore.
    
Congress in 2012-13 had income worth Rs 318.08 crore whereas the amount rose to Rs 425.68 crore in 2013-24, BJP though had an income of Rs 17.42 crore in 2012-13 and it was Rs 321.53 crore for 2013-14.
According to the Income-Tax department, Mulayam Singh Yadav's Samajwadi Party in UP had tax-exempted income worth Rs 164 crore whereas their rival party Bahujan Samajwadi party had registered only Rs 20.76 crore for the same period.
Among other parties, CPI(M) registered an income of Rs 92.90 crore, CPI Rs 2.62 crore, JD(U) Rs 13 crore and RLD Rs 4.48 crore, it said.    
Lalu Prasad's RJD party in 2013-14 had a tax-exempted income of Rs 41,411.    
The figure for the year 2012-13 for other parties were – SP (Rs 30 crore), BSP (Rs 8.99 crore, CPI (Rs 1.55 crore), CPI(M) (Rs 40.73 crore), JD(U) (Rs 2.70 crore), RLD (Rs 97.90 lakh), JD(S) (Rs 46.99 lakh)   
Political parties are exempted from tax on their income through section 13 A of IT Act 1961. They have to, however, maintain a book of account for donations or income above Rs 20,000.

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