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Donations to electoral trusts to get tax exemption
Donations to electoral trusts will be allowed a 100 percent deduction from the income of the donor for income tax purposes, Finance Minister Pranab Mukherjee announced here Monday in the union budget for 2009-10.
“The house will agree that it is desirable to bring about transparency in the funding of political parties in the country,” Mukherjee said in his budget speech.
“With a view to reforming the system of funding of political parties, I propose to provide that donations to electoral trusts shall be allowed as a 100 percent deduction in the computation of the income of the donor,” he said.
“For this purpose, electoral trusts will be such trusts as are set up as pass-through vehicles for routing the donations to political parties and are approved by the Central Board of Direct Taxes (CBDT),” the finance minister said.
Last updated on Jul 6th, 2009 at 16:20 pm IST--IANS
Possibly related news:
- Income tax exemption limit increased, corporate tax rate unchanged (July 6)
- Tax structure to be simplified: Mukherjee (July 6)
- Fringe benefit tax abolished (July 6)
- Presumptive tax scope to be extended (July 6)
- Simple tax regime in four years promised (July 6)
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