Table of Contents
- 1 What is an electoral Bond?
- 2 What is electoral bonds Drishti IAS?
- 3 What are electoral Bonds India?
- 4 What is electoral Bonds Wikipedia?
- 5 Why is EC criticising Modi government’s electoral bond scheme and foreign funding?
- 6 Do political parties have to report donations received through electoral bonds?
What is an electoral Bond?
As per provisions of the Scheme, Electoral Bonds may be purchased by a person (as defined in item No. 2 (d) of Gazette Notification), who is a citizen of India or incorporated or established in India. The Electoral Bond deposited by an eligible Political Party in its account shall be credited on the same day.
WHO issues Electoral bonds in India?
The State Bank of India (SBI), in the XVI Phase of sale, has been authorised to issue and encash Electoral Bonds through its 29 Authorized Branches (as per list enclosed) w.e.f. 01.04.
When was electoral bonds introduced in India?
The Government of India has notified the Electoral Bond Scheme 2018 vide Gazette Notification No. 20 dated January 02, 2018.
What is electoral bonds Drishti IAS?
Electoral Bond is a financial instrument for making donations to political parties. The bonds are issued in multiples of Rs. 1,000, Rs. 10,000, Rs. 1 lakh, Rs.
What is electoral bonds in India?
1. Electoral Bond would be a bearer instrument in the nature of a Promissory Note and an interest free banking instrument. A citizen of India or a body incorporated in India will be eligible to purchase the bond. 2.
What is electoral trust?
a company which is registered in India; and. (c) a firm or Hindu undivided family or an Association of persons or a body of individuals, resident in India. (3) A receipt indicating the following shall be issued by the trust immediately on receipt of any contribution indicating the following:— (a)
What are electoral Bonds India?
Is donation to political party tax deductible in India?
The Company can claim 100\% deduction against the amount donated to a political party under section 80GGB. Therefore, you are free to make donations to political parties as per your preference and claim deductions in your income tax for the same.
How do I claim 80GGC deduction?
Procedure to avail of Deductions under Section 80GGC Taxpayers or assessees looking to claim deductions under Section 80GGC can do so while filing their tax returns simply by including the amount of their contribution to a political party in the space provided for Section 80GGC in the Income Tax Return form.
What is electoral Bonds Wikipedia?
Introduced with the Finance Bill (2017), Electoral Bonds allow donors to pay political parties with banks as an intermediary. These bonds can only be issued by the State Bank of India. Range of a bond – Rs 1000 to Rs 1 crore.
What is 80G in income tax?
Section 80G is a facility available in the Income Tax Act which allows taxpayers to claim deductions for various contributions made as donations. The deduction under the Act is available for contributions made to the specified relief funds and charitable institutions.
What is the difference between 80GGB and 80GGC?
A deduction similar to section 80GGB is available to an assessee, being any person other than local authority and artificial juridical person wholly or partly funded by the Government under section 80GGC. Here also cash contribution is not allowed as deduction. Section 80GGC reads as: 80GGC.
Why is EC criticising Modi government’s electoral bond scheme and foreign funding?
New Delhi: The Election Commission (EC) has criticised the Narendra Modi government’s electoral bond scheme and its decision to allow foreign funding of Indian political parties in a move that sets the stage for a legal battle against corporate influence on elections in the country.
How will the electoral bond project affect transparency in political parties?
In an affidavit filed before the Supreme Court on Wednesday, the commission said that the electoral bond project and removal of caps on the extent of corporate funding would have “serious repercussions/impact on the transparency aspect of political finance/funding of political parties”.
Are electoral bonds good or bad for Democracy?
The system of electoral bonds introduces a degree of opacity to political funding, which many argue is detrimental. Photo: PTI
Do political parties have to report donations received through electoral bonds?
On the issuance of electoral bonds, the commission noted that “any donation received by a political party through an electoral bond has been taken out of the ambit of reporting under the Contribution Report as prescribed under Section 29C of the Representation of the People Act, 1951”.