Arun Jaitley warns parties of serious consequences if they violate the latest donation rules
NEW DELHI: Finance Minister Arun Jaitley has warned political parties of serious consequences if they violate the latest donation rules announced in the Budget.
During budget speech, FM had announced that the political parties now cannot accept donations more than Rs 2000 from a single anonymous source, down from earlier limit of Rs 20,000.
"Every party will get a tax exemption...donor will get expenditure deduction if the donation is paid through cheque or digital mode," Arun Jaitley said during a conversation with Times Now.
Read Also: Arun Jaitley's post-budget interview
"Political parties should ask their donor to give smaller amount and through digital mode..there will be serious consequences if the conditions are violated; political parties who violate the conditions will loose exemption and they have to pay 30 per cent tax on the donations," he warned.
Jaitley also announced that his party will soon ask its donors to pay only through digital mode.
He also revealed that the Rs 2,000 limit was proposed by the Election Commission.
Explaining the electoral bond scheme, he said, "During the election period, the govt will notify a scheme...A bank, say SBI, will be notified who can issue such bonds... the donor can buy such a bond by paying through a cheque...the bond will have a fixed time frame to be redeemed."
During budget speech, FM had announced that the political parties now cannot accept donations more than Rs 2000 from a single anonymous source, down from earlier limit of Rs 20,000.
"Every party will get a tax exemption...donor will get expenditure deduction if the donation is paid through cheque or digital mode," Arun Jaitley said during a conversation with Times Now.
Read Also: Arun Jaitley's post-budget interview
"Political parties should ask their donor to give smaller amount and through digital mode..there will be serious consequences if the conditions are violated; political parties who violate the conditions will loose exemption and they have to pay 30 per cent tax on the donations," he warned.
Jaitley also announced that his party will soon ask its donors to pay only through digital mode.
He also revealed that the Rs 2,000 limit was proposed by the Election Commission.
Explaining the electoral bond scheme, he said, "During the election period, the govt will notify a scheme...A bank, say SBI, will be notified who can issue such bonds... the donor can buy such a bond by paying through a cheque...the bond will have a fixed time frame to be redeemed."
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