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Consider the following statements regarding the Electoral Trusts Scheme:
1. An Electoral Trust is a Trust set up by companies with the sole objective to distribute the contributions received by it from other Companies and individuals to the political parties.
2. The scheme was notified by the Election Commission of India (ECI).
3. Only the companies registered under Section 25 of the Companies Act, 1956 are eligible to make an application for approval as an Electoral Trust.
How many of the above statements are not correct?
- a)Only one
- b)Only two
- c)All three
- d)None
Correct answer is option 'A'. Can you explain this answer?
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Most Upvoted Answer
Consider the following statements regarding the Electoral Trusts Schem...
Incorrect Statements in the Electoral Trusts Scheme:
Statement 1:
- An Electoral Trust is a Trust set up by companies with the sole objective to distribute the contributions received by it from other Companies and individuals to the political parties.
- This statement is correct. An Electoral Trust is indeed a Trust established by companies for the purpose of receiving and disbursing donations to political parties.
Statement 2:
- The scheme was notified by the Election Commission of India (ECI).
- This statement is also correct. The Electoral Trusts Scheme was indeed notified by the Election Commission of India to regulate the funding of political parties by companies.
Statement 3:
- Only the companies registered under Section 25 of the Companies Act, 1956 are eligible to make an application for approval as an Electoral Trust.
- This statement is not correct. In reality, companies registered under Section 8 of the Companies Act, 2013 (which replaced Section 25 of the Companies Act, 1956) are eligible to apply for approval as Electoral Trusts.
Therefore, the correct answer is:
a) Only one
Statement 1:
- An Electoral Trust is a Trust set up by companies with the sole objective to distribute the contributions received by it from other Companies and individuals to the political parties.
- This statement is correct. An Electoral Trust is indeed a Trust established by companies for the purpose of receiving and disbursing donations to political parties.
Statement 2:
- The scheme was notified by the Election Commission of India (ECI).
- This statement is also correct. The Electoral Trusts Scheme was indeed notified by the Election Commission of India to regulate the funding of political parties by companies.
Statement 3:
- Only the companies registered under Section 25 of the Companies Act, 1956 are eligible to make an application for approval as an Electoral Trust.
- This statement is not correct. In reality, companies registered under Section 8 of the Companies Act, 2013 (which replaced Section 25 of the Companies Act, 1956) are eligible to apply for approval as Electoral Trusts.
Therefore, the correct answer is:
a) Only one
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Consider the following statements regarding the Electoral Trusts Schem...
Electoral Trusts Scheme, 2013
- Electoral Trusts Scheme, 2013 was notified by the Central Board of Direct Taxes (CBDT). Hence, statement 2 is not correct.
- An Electoral Trust is a Trust set up by companies with the sole objective to distribute the contributions received by it from other Companies and individuals to the political parties. Hence, statement 1 is correct.
- Only the companies registered under Section 25 of the Companies Act, 1956 are eligible to make an application for approval as an Electoral Trust. The electoral trusts have to apply for renewal every three financial years. Hence, statement 3 is correct.
- The scheme lays down a procedure for grant of approval to an electoral trust which will receive voluntary contributions and distribute the same to the political parties. The provisions related to the electoral trust are under Income-tax Act, 1961 and Income tax rules-1962.
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Consider the following statements regarding the Electoral Trusts Scheme:1. An Electoral Trust is a Trust set up by companies with the sole objective to distribute the contributions received by it from other Companies and individuals to the political parties.2. The scheme was notified by the Election Commission of India (ECI).3. Only the companies registered under Section 25 of the Companies Act, 1956 are eligible to make an application for approval as an Electoral Trust.How many of the above statements are not correct?a)Only oneb)Only twoc)All threed)NoneCorrect answer is option 'A'. Can you explain this answer?
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Consider the following statements regarding the Electoral Trusts Scheme:1. An Electoral Trust is a Trust set up by companies with the sole objective to distribute the contributions received by it from other Companies and individuals to the political parties.2. The scheme was notified by the Election Commission of India (ECI).3. Only the companies registered under Section 25 of the Companies Act, 1956 are eligible to make an application for approval as an Electoral Trust.How many of the above statements are not correct?a)Only oneb)Only twoc)All threed)NoneCorrect answer is option 'A'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regarding the Electoral Trusts Scheme:1. An Electoral Trust is a Trust set up by companies with the sole objective to distribute the contributions received by it from other Companies and individuals to the political parties.2. The scheme was notified by the Election Commission of India (ECI).3. Only the companies registered under Section 25 of the Companies Act, 1956 are eligible to make an application for approval as an Electoral Trust.How many of the above statements are not correct?a)Only oneb)Only twoc)All threed)NoneCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding the Electoral Trusts Scheme:1. An Electoral Trust is a Trust set up by companies with the sole objective to distribute the contributions received by it from other Companies and individuals to the political parties.2. The scheme was notified by the Election Commission of India (ECI).3. Only the companies registered under Section 25 of the Companies Act, 1956 are eligible to make an application for approval as an Electoral Trust.How many of the above statements are not correct?a)Only oneb)Only twoc)All threed)NoneCorrect answer is option 'A'. Can you explain this answer?.
Consider the following statements regarding the Electoral Trusts Scheme:1. An Electoral Trust is a Trust set up by companies with the sole objective to distribute the contributions received by it from other Companies and individuals to the political parties.2. The scheme was notified by the Election Commission of India (ECI).3. Only the companies registered under Section 25 of the Companies Act, 1956 are eligible to make an application for approval as an Electoral Trust.How many of the above statements are not correct?a)Only oneb)Only twoc)All threed)NoneCorrect answer is option 'A'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regarding the Electoral Trusts Scheme:1. An Electoral Trust is a Trust set up by companies with the sole objective to distribute the contributions received by it from other Companies and individuals to the political parties.2. The scheme was notified by the Election Commission of India (ECI).3. Only the companies registered under Section 25 of the Companies Act, 1956 are eligible to make an application for approval as an Electoral Trust.How many of the above statements are not correct?a)Only oneb)Only twoc)All threed)NoneCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding the Electoral Trusts Scheme:1. An Electoral Trust is a Trust set up by companies with the sole objective to distribute the contributions received by it from other Companies and individuals to the political parties.2. The scheme was notified by the Election Commission of India (ECI).3. Only the companies registered under Section 25 of the Companies Act, 1956 are eligible to make an application for approval as an Electoral Trust.How many of the above statements are not correct?a)Only oneb)Only twoc)All threed)NoneCorrect answer is option 'A'. Can you explain this answer?.
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