Accounts of political parties

Every organisation needs money for conducting its activities. Political organisations/ parties need a huge amount of money, no doubt, for different functions and activities.
We hear that our political parties live on donations / subscriptions from the members and other wealthy people. Is this money legal in the eyes of our law and ethics? Many people complain that they have to pay such money out of fear. And so, they do not disclose it in public.
All political parties get a huge amount of money but they do not maintain the records properly. So, there remains the question of transparency Do the donors show these money in their tax files ?
The Election Commission has framed a rule for submitting the ' Receipts and Expenditure Account ' of all parties by the end of July every year. This year many parties have submitted their respective account with the EC. But I think mere submission of a statement will not produce any fruitful results. All political parties should maintain their Cash Books, Ledgers etc and they should be audited properly. The responsible person(s) of parties must be fined and/or jailed for any major irregularity.