Deposits of old notes in accounts of political parties exempt from income tax, with riders
Revenue secretary Hasmukh Adhia said the income tax authorities will not unnecessarily chase deposits of less than ₹2.5 lakh
New Delhi: The government on Friday said political parties depositing old ₹ 500 and ₹ 1,000 notes in their accounts will be exempt from income tax provided the donations taken are below ₹ 20,000 per individual and properly documented.
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