Income tax notice to NCP Sharad Pawar Party over Rs.34 Crore Cash

Income tax  notice to NCP Sharad Pawar Party over Rs.34 Crore Cash

Income Tax department recently detected cash deposits of over Rs 34 crore in the Maharashtra unit of the Nationalist Congress Party (NCP) account without depositor details like PAN card.

Income tax department  investigation unit in Mumbai issued summons to the party to furnish documents and relevant details to it after the taxman detected the movement of funds in the NCP's account in the Bank of Maharashtra Nariman Point branch between April 1, 2013-April 21, 2014.

Under current rules, political parties have to furnish vital details of depositors and donors like PAN, bank account number and addresses in case the cash amount is above Rs 20,000.

NCP's Chartered Accountant firm in Mumbai -- U G Devi and Co as per DNA in its reply said that  Coupon booklets are issued to the party functionaries for raising donations from the party's well-wishers. All collections are in small denominations, i.e. Rs 1,000, Rs 500 and Rs 100, taken from various individuals in the various districts of the state. “No amount exceeding Rs 20,000 from a single individual is taken hence there are no PAN, account numbers, bank details which can be furnished,"

Reform Required – Must bring all Political Parties under Right to Information Act and fill the loophole and amend the law which says cash amount Rs. 20,000 for a Single Rupee also Political Parties should give full details Kyc and Pan Etc

Reality views by sm –

Monday, May 12, 2014

Tags - NCP Income Tax Notice