The Income Tax act already provides exemption for donation received by political parties(subject to provisions of some other Acts also). It means that the political parties need not pay Income Tax for their income received by donations if they file the Income Tax return duly and properly as per the Act provisions related to them.
The government official only reiterated this in some context. It is another way of message to political parties also to deposit their holdings of withdrawn currency within stipulated time and come clean without any fear. The rider there was that even though not needed to be disclose, they should keep the records of the sources names with them.
The one indirect benefit is that it has given opportunity foe people to debate the necessity of subjecting political parties also to Income Tax. I am happy that at least as lip service, Kejriwal and Mamata Banerjee sounded that.
( I do not think that much amount will be deposited now by political parties, because that will give a clue f how much they were holding. No party will risk that in these days of RTI facility)
My doubt was cleared when I read statement of our Finance minister Mr. Arun Jaitley that political parties will also be seen with same lens and no undue benefit will be given to them for deposit of demonitised currency. In the morning I thought that ordinaey people of India have been cheated with this exemption but by evening this doubt is cleared.
Hope that best will happen with this step taken against black money.
'Idhuvum Kadandhu Pogum "
Even this challenging situation would ease