Political parties exempted from disclosing source of deposited money even if it consists of old demonetized notes of Rs 500 and Rs 1000 denominations?
It refers to media-reports about Delhi Chief Minister Arvind Kejriwal rightly objecting to exempting political parties from disclosing source of deposited money even if it consists of old demonetized notes of rupees 500 and 1000 denominations. It is a known bitter fact that political parties in India are in general deeply involved in unaccounted source of funding. It might be that bosses of political parties might have misused their parties for whitening their black money by misusing immunity available to political parties in disclosing source of demonetized currency.
Best and only way to nuisance of political parties involved in dirty affairs of unaccounted money is to abolish sections 13A, 80GGB and 80 GGC of Income Tax Act regarding exemptions available for contributions made-to and received-by political parties. Huge revenue so earned will be available for public welfare and national development. Otherwise also Indian political parties seriously contesting elections are rich enough to do away with such undesired tax-exemption which is grossly misused also. Abolishing tax-exemptions will also eliminate about 2000 non-serious political parties which got them registered only to whiten black money through such faulty tax-exemptions.