Income of Political Parties are normally exempt from Income Tax under Section 13A
Hence, these are not required to file return under Section 139 (1).
Hence, this Section 139 (4B) has been introduced which makes it compulsory for Political Parties to file ITR if their income exceeds Basic Exemption Limit (without allowing exemption under Section 13A)
The provisions of the Act would apply as if it were a return required to be furnished under section 139(1).
The grant of exemption from income-tax to any political party under section 13A is subject to the condition that the political party submits a return of its total income within the time limit prescribed under section 139(1).
It is the responsibility of Chief Executive Officer of political party to file this ITR
(Prescribed form is ITR 7)