REGISTERED No. D-(D) -72
रजिस्ट्री सं ० डी-(डी ) -72
TRALSECRETARIATLIBRA R
GOVT OF INDIA . * भारत का राजपत्र The Gazette of India
असाधारण
EXTRAORDINARY
भाग II-खण्ड 1
PART II-Section 1
प्राधिकार से प्रकाशित
PUBLISHED BY AUTHORITY
नई दिल्ली, सोमबार, अगस्त 7, 1978/ श्र( वर्ण 16, 1900
सं० 30] No. 30]
NEW DELHI, MONDAY , AUGUST 7 , 1978 / SRAVANA 16, 1900
इस भाग में भिन्न पृष्ठ संख्या दी जाती हैं जिससे कि यह अलग संकलन के रूप में रखा जा सके । Separate paging is given to this Part in order that it may be filed as a separate compllation
MINISTRY OF LAW , JUSTICE AND COMPANY AFFAIRS
(Legislative Department)
New Delhi , the 7th August , 1978 / Sravana 16 , 1900 ( Saka)
The following Act of Parliament received the assent of the President on the 5th August , 1978 , and is hereby published for general informa- tion:-
THE TAXATION LAWS ( AMENDMENT) ACT , 1978
NO . 29 OF 1978
[5th August , 1978 ]
An Act further to amend the Income - tax Act , 1961 and the Wealth -tax
Act, 1957
BE it enacted by Parliament in the Twenty- ninth Year of the Republic of India as follows : -
1978. 1. (1 ) This Act may be called the Taxation Laws (Amendment) Act, Short title and com- mence . ment.
(2) It shall come into force on the 1st day of April , 1979.
Amend- 2. In the Income - tax Act , 1961 , --
ment ofAct 43 of 1961 .
(a) in Chapter III , after section 13 , the following section shall be inserted , namely :-
Special provision relating to incomes of political parties .
' 13A . Any income of a political party which is chargeable under the head " Interest on securities ", " Income from house pro- perty" or " Income from other sources " or any income by way of voluntary contributions received by a political party from any person shall not be included in the total income of the previous year of such political party:
Provided that-
(a) such political party keeps and maintains such books of account and other documents as would enable the Income tax Officer to properly deduce its income therefrom;
(351) 352
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[PART II-
(b) in respect of each such voluntary contribution in excess of ten thousand rupees , such political party keeps and maintains a record of such contribution and the name and address of the person who has made such contribution; and
(c) the accounts of such political party are audited by an accountant as defined in the Explanation below sub - section (2) of section 288 .
Explanation . For the purposes of this section , " political party" means an association or body of individual citizens of India registered with the Election Commission of India as a political party under paragraph 3 of the Election Symbols (Reservation and Allotment ) Order , 1968 and includes a political party deemed to be registered with that Commission under the proviso to sub- paragraph ( 2 ) of that paragraph .' ;
(b) in section 37 ,-
(i) after sub - section ( 2A) , the following sub-section shall be inserted , namely: --
"( 2B) Notwithstanding anything contained in sub - section (1 ), no allowance shall be made in respect of expenditure incurred by an assessee on advertisement in any souvenir, brochure, tract , pamphlet or the like published by a political party.";
(ii) in sub -section ( 3A ) ( as directed to be inserted by section 8 of the Finance Act , 1978 ) ,-
19 of 1978 .
(1) for the words , brackets and figure " the provisions of sub - section ( 3) " , the words , brackets , figures and letter " the provisions of sub -section ( 2B ) or sub- section (3 ) " shall be substituted;
(2) in the Explanation, in clause ( a) , for the words , brackets and figure " under sub- section ( 3 ) " , the words , brackets , figures and letter " under sub- section ( 2B ) , or sub- section ( 3 ) , or both " shall be substituted ;
(c) in section 139 , after sub - section (4A ) , the following sub - section shall be inserted , namely: -
" (4B) The chief executive officer ( whether such chief execu- tive officer is known as Secretary or by any other designation ) of every political party shall, if the total income in respect of which the political party is assessable (the total income for this purpose being computed under this Act without giving effect to the pro- visions of section 13A) exceeds the maximum amount which is not chargeable to income - tax , furnish a return of such income of the previous year in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be pres- cribed and all the provisions of this Act , shall , so far as may be , apply as if it were a return required to be furnished under sub- section ( 1 ) ." .
SEC. 1 ]
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353
3. In the Wealth- tax Act , 1957 , in section 45, after clause (h ) , the fol- lowing clause and Explanation shall be inserted , namely :-
Amend- ment of Act27 of 1957.
'( i) any political party .
Explanation -For the purposes of clause ( i) , " political party" shall have the meaning assigned to it in the Explanation to section 13A of the Income -tax Act.' .
S. HARIHARA IYER , Secy . to the Govt . of India .
PRINTED BY THE GENERAL MANAGER, GOVERNMENT OF INDIA PRESS , MINTO ROAD , NEW DELHI AND PUBLISHED BY THE CONTROLLER OF PUBLICATIONS , DELHI , 1978