Registered trust
This query is : Resolved
06 July 2016
Dear Experts
A trust registered u/s 12 A will receive foreign funds as donations amounting to Rs 50 lakhs in the current financial year.
The donations will be received in its SB account and will be treated as income and will be claimed expemtion U/s 10.
Just because a huge amount is to be received, l would like to know whether there are any other tax implications that will be applicable or will it be taxable?
Thanks
A trust registered u/s 12 A will receive foreign funds as donations amounting to Rs 50 lakhs in the current financial year.
The donations will be received in its SB account and will be treated as income and will be claimed expemtion U/s 10.
Just because a huge amount is to be received, l would like to know whether there are any other tax implications that will be applicable or will it be taxable?
Thanks
07 July 2016
In order to receive contribution in any kind or currency from foreign sources NGO needs the approval from Indian government which is called prior permission or they have to register under FCRA (foreign contribution regulation act).
A separate record is also needed to be kept for utilisation of such funds.
A separate record is also needed to be kept for utilisation of such funds.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Applicability
- Is Aadhar PAN linking required for opening bank account?
- Where to show the RCM on Rent paid to unregistered landlord
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Application of 115BAC
- RCM - commercial rent paid to URP under GST
- Offsetting interest income against derivative trading losses
- TDS NUMBER SURRENDER
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- Legal heir raised refund , but refund issued to the closed account of deceased.
- Whether still royalty
- 20% OF DEMAND PAYMENT IN APPEAL
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
