Clarification
With Regard to Applicability of Section 182(3) of The Companies Act, 2013
Circular no. : 19/2013
Dated : 10/12/2013
Ministry has received representations seeking clarification on
disclosures to be made under section 182 of the companies Act, 2013. The
same have been examined with the coming into force of the scheme relating to
'Electoral Trust Companies' in terms of section (24AA) of the Income Tax Act,
1961 read with Ministry of Finance Notification No. S.O.309(E) dated 31st
January, 2013 it will be expedient to explain the requirements of disclosure on
part of a company of any amount or amounts contributed by it to any political parties
under section 182(3) of the Companies Act, 2013.
It is hereby clarified
as under;
I. Companies contributing
any amount or amounts to an Electoral Trust Company' for contributing to a
political party or parties are not required to make disclosures required under
section 182(3) of Companies Act 2013. It will suffice if the Accounts of the
company disclose the amount released to an Electoral Trust Company.
II. Companies contributing
any amount or amounts directly to a political party or parties will be required
to make the disclosures laid down in section 182(3) of the Companies Act, 2013.
III. Electoral Trust
Companies will be required to disclose all amounts received by them from other
companies/sources in their Books of Accounts and also disclose the amount or
amounts contributed by them to a political party or parties as required by
section 182(3) of Companies Act, 2013.
This issues with the
approval of competent authority.
Regards
CA. Mona Singhal
Partner
Arpit Gupta & Associates
Chartered Accountants
701, Nirmal Tower,
26, Barakhamba Road,
Connaught Place, Delhi-110001
Mobile:- 8130711885, 9873082769
Website: www.caaga.co.in
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