New Delhi: The Election Commission has issued a set of new guidelines, which has come into effect from today, for making it virtually mandatory for political parties to deposit their funds in banks and not to exceed ceiling limits in financial assistance to candidates.
As per the guidelines, the treasurer of a political party is now required to ensure maintenance of accounts at all state and lower levels and consolidated accounts at the central party headquarters.
The guidance note on accounting and auditing of political parties issued by the Institute of Chartered Accountants needs to be adhered by the treasurers of the parties in letter and spirit.
The annual accounts shall be audited and certified by certified chartered accountants as required under the Income Tax Act.
