47. Do political parties have to report regularly on their finances?

Election Act, 2017.

Chapter XI of Election Act, 2017 explains the working of political parties and under section 210. It set procedure for reporting of finances; (1) A political party shall, in such manner as may be prescribed, submit to the Commission within sixty days from the close of a financial year, a consolidated statement of its accounts audited by a Chartered Accountant on Form D containing— (a) annual income and expenses; (b) sources of its funds; and (c) assets and liabilities. (2) The statement under sub-section (1) shall be accompanied by the report of a Chartered Accountant with regard to the audit of accounts of the political party and a certificate signed by an office-bearer authorized by the Party Head stating that— (a) no funds from any source prohibited under this Act were received by the political party; and (b) the statement contains an accurate financial position of the political party.