Election Commission appealed Union Government to amend laws to impose more restrictions on the donations made to political parties.
As of now, Political Parties need to declare donations that are above Rs 20,000. This provision has been misused by almost all the parties in the country.
According to the new proposal of EC, A ban would be imposed on anonymous donations of Rs 2,000 and above made to political parties. Another proposal is to offer Income Tax exemption for those parties which contest election and have representation in either Lok Sabha or Assembly. With this proposed electoral reforms, Transparency could be maintained in the political system.
Recently, Centre declared that political parties deposition scrapped higher denomination notes in their accounts will be exempted from Income Tax if there is documentation to prove the donations are under Rs 20,000 per individual.
As of now, Political Parties need to declare donations that are above Rs 20,000. This provision has been misused by almost all the parties in the country.
According to the new proposal of EC, A ban would be imposed on anonymous donations of Rs 2,000 and above made to political parties. Another proposal is to offer Income Tax exemption for those parties which contest election and have representation in either Lok Sabha or Assembly. With this proposed electoral reforms, Transparency could be maintained in the political system.
Recently, Centre declared that political parties deposition scrapped higher denomination notes in their accounts will be exempted from Income Tax if there is documentation to prove the donations are under Rs 20,000 per individual.