19 September 2011
If a company received donation rs 20000/- for Tample. which is situated in company land. so this income covered under which head as per income tax.
&
If have received 5000000/- in KBC. so where covered this income as per Income Tax.
19 September 2011
If the amount of expenses are incured on the maintainance of the temple situated inside the factory building are claimed form P&L account only then the donation so received shall be taxable as business receipt only.
and
For the tax treatment of the sum won in KBC, it will be taxable under the other sources and flat tax rate of 30% on this casual income will be appliccable.
CAclubindia
