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Cash transaction by parties raises many doubts


Atul Patankar
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As reported by Shyamlal Yadav of indiatoday.digitaltday.in on January 1, 2009

 

The main opposition party of the country, Bharatiya Janata Party (BJP), is shocked that its Rs 2.5 crore in cash was found ‘missing’ from the party headquarters recently.

In fact, the parties apart from keeping cash in hand in the savings accounts, also keep huge cash in their offices to meet day-to-day expenses and there is always the risk of theft due to heavy turnout of ordinary workers and other people at the offices.

The efforts to make cash transaction minimum because it raises doubts of being black money, in this regard, have failed.

The India Today has copies of the Income Tax returns filed by some of the prominent parties which show that every party has its own way of accounting cash in hand, the amount kept in the offices and in the banks.

In fact, India Today got these copies through Right to Information (RTI) Act from the Income Tax department (ITD). The ITD told that among the parties headquartered at Delhi only four parties have filed the I-T return for the assessment year 2008-09 so far despite the fact that the last date of filing it was September 30, 2008.

According to the information received on Tuesday only Samajwadi Party, Communist Party of India, Communist Party of India-Marxist, and Janata Dal United have filed the ITRs for the assessment year 2008-09. And among these parties, the SP keeps highest amount as cash in hand (Rs 11.10 crore), followed by CPI-M (Rs 1.79 crore), CPI (Rs 284) and JD-U (Rs 1.52 lakh).

Though the BJP, Congress and other prominent parties are yet to file their ITRs for the assessment year 2008-09, their ITRs for the previous year shows that the BJP kept Rs 4.97 crore in cash and imperest.

While the Congress has shown the cash and bank balance as single head which is Rs 38.32 crore as on March 31, 2007. The Nationalist Congress Party had Rs 15.10 lakh, the Lok Janshakti Party Rs 70156, Rashtriya Janta Dal kept Rs 773.

Shiv Sena’s ITR for the assessment year 2007-08 shows that the party had Rs 1.29 crore but like the Congress it has also shown the cash and bank balance as single head. The BSP tops the list among the parties having huge amount as cash in hand. The party has shown Rs 21.99 crore as cash in hand as on March 31, 2007.

Party-wise details of cash in hand:

Assessment year: 2008-09

Samajwadi Party – Rs 11,10,60,399

Communist Party of India – Rs 284

Janata Dal United – Rs 1,52,327

Communist Party of India-Marxist – Rs 1,79,07,096

Assessment Year: 2007-08

Rashtriya Janta Dal – Rs 773

Nationalist Congress Party – Rs 15,10,198

Congress – Rs 38,32,00,059 (cash and bank balance)

Lok Janshakti Party – Rs 70,156

Bharatiya Janata Party – Rs 4,96,96,436 (cash and imperest)

Shiv Sena – Rs 1.29 crore (cash and bank balance)

Bahujan Samaj Party – Rs 21.99 crore

 

Source: India Today - India's most widely read magazine.

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Avinash,

 

As per the IT Act, any expense below Rs 20,000.00 can be incurred in cash by any business. Anything above that amount has to be by Cheque/Card/NEFT/RTGS/etc...

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