Section 12 — Incomes not included in total income of political parties and electoral trusts

Old Act equivalent: 13B of IT Act 1961 Sub-part: Chapter III—Incomes Which Do Not Form Part of Total Income

Architecture: Section 12 delegates to Schedule VIII for the actual exemption conditions.

Statutory Text

(1) In computing the total income of any political party or an electoral trust

for a tax year under this Act, any income enumerated in Schedule VIII shall not be included, subject to fulfilment of conditions specified therein. (2) Wherever the conditions referred to in Schedule VIII are not satisfied in any tax year in respect of any income enumerated in the said Schedule, such income shall be charged to tax under this Act for that tax year. (3) The Central Government may make rules or issue notifications for the purposes of this section as specified in Schedule VIII.

None.

None.

None — see Schedule VIII.

Applies to: Political parties registered under section 29A of the Representation of the People Act, 1951; Electoral trusts.
Conditions: Income enumerated in Schedule VIII not included subject to conditions therein.
Time limits: Tax year; conditions must be satisfied in the relevant tax year.
Monetary limits: See Schedule VIII conditions (books of account, audit, mode of receipt).
Exceptions: Where conditions not satisfied, income charged to tax for that year (sub-section 2).