The central government the other day announced that Political Parties are exempt from depositing any number of the Old 1000 and 500 Notes into their accounts and they will be exempt from Income Tax as always. This will come as a huge help to the big shark politicians to change their Black Money to White.
[m9ad]
According to Income Tax Act, Political Parties are exempt from the tax but are required to maintain the accounts and are also liable to raids if there is a suspicion. The big amounts need to be shown source but then amounts less than 20000 need not be shown the source.
The Political parties will now have all the amounts of less than 20000 in their account books and convert black money. Real Estate and Politics are the two big areas where Black Money flourishes. But then politicians are being let off the hook which may bring bad name to Modi government.
