The current provision of the Income Tax Act provides that up to Rs 20,000 anonymous donation can be accepted and anything above has to be with name. "And this is made a conditionality for continuing the tax exemption. On filing ITR, the rules require individuals to file returns by July, companies by September and trusts and political parties by December. Political parties will continue to be entitled to receive donations by cheque or digital mode from their donors. An additional amendment has been proposed to the Reserve Bank of India Act to enable issuance of electoral bonds.

Source: dna February 02, 2017 08:36 UTC