Special rules regarding earnings of political parties

The overall revenue of a political party for the preceding year does not include any income that falls under the headings "Income from house property," "Income from other sources," "Capital gains," or any income from voluntary donations received by the political party from any person.

Such a political group keeps and maintains the necessary records, such as books of account, to allow the Auditor to correctly deduct the party's revenue from them. Such political group records and maintains a record of each such voluntary gift, with the exception of contributions made through electoral bonds that are in excess of 20,000 rupees, as well as the name and address of the donor.

An accountant as specified in the Interpretation below sub-section (2) of Section 288 audits the political party's financial records. No donation over 2,000 rupees is accepted by this political party by any other means than an account payee check or account payee bank draught, the use of an electronic clearing mechanism through a bank account, or any other electronic method that may be outlined98 or through an electoral bond.

You should know about 80g limit.

"Electoral bond" refers to a bond as defined in the Interpretation to Subsection (3) of Section 31 of that same Reserve Bank of India Act, 1934 (2 of 1934) for the purposes of this provision. Furthermore, no political party shall be eligible for an exemption under this section for any financial year in which the treasurer of such political party, or any other person authorised by such political party in this regard, fails to file a report required by subsection (3) of segment 29C of the Representation of the People Act, 1951 (43 of 1951).

As long as the political party also submits a report of revenue for the prior year in accordance with the requirements of section 139's subsection (4B) on or before the deadline set out in that section. Political parties that have been established under Section 29A of the Representation of the People Act of 1951 are referred to as "political parties" for the purposes of this section (43 of 1951). You can easily get tax exemption under section 80g.

Here is a source URL regarding deduction under section 80g.