New Delhi; Finance
Minister Arun Jaitley has said that there is no question of sparing anyone, and
the political class is no exception. He further said that political parties
have not been granted any exemption post demonetisation and introduction of
Taxation Laws (Second Amendment) Act, 2016 which came into force on 15th
December, 2016.
Jaitley has said that 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.
He said,”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. “
Under Section 13A of IT
Act 1961, Political parties have to submit audited accounts, income &
expenditure details and balance sheets. Post demonetisation, 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.
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. 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. They enjoy no
immunity whatsoever.
There 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."
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