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No political party will be exempted post-demonetisation: Jaitley

Samarth Srivastava

Samarth SrivastavaBy Samarth Srivastava

Published on 18 Dec 2016 3:55 AM GMT

No political party will be exempted post-demonetisation: Jaitley
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No political party will be exempted post-demonetisation: Jaitley
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New Delhi: Union Minister Arun Jaitley on Saturday said that political parties have to submit their income details after the introduction of the Taxation Laws (Second Amendment) Act, 2016, which will begin from December 15, 2016. Jaitley tagged it as the aftermath of demonetisation.

Jaitley said if any party is accepting old Rs 500 and Rs 1,000 notes, then it is violating the laws. Like common people, parties could also submit old currency in the banks till December 30, he added.

What else Jaitley said?

  • Under Section 13A of IT Act 1961, Political parties have to submit audited accounts, income and expenditure details and balance sheets.
  • If 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.

In a message to the media, Jaitley requested journalists to do complete research before launching attack at government schemes, especially when they are against corruption.

Lauding Prime Minister Narendra Modi’s move of asking all MPs and MLAs of Bharatiya Janata Party, the FM also appealed other parties to exercise the same in order to fight corruption.

“The legal and taxation regimes for all registered political parties remain as they were 20-25 years ago. We will not make any change over the same,” said Jaitley.

Also read: IT raid at residence of contractor in Lucknow; Rs 30 lakh in new currency seized

Samarth Srivastava

Samarth Srivastava

Employed as sub-editor at newstrack.com. A learner, who loves covering sports, entertainment and defence kind of stuff.

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