Society
This query is : Resolved
14 October 2013
Can a registered society conduct a prize lot game for the fund generation?
What would be the case if it is a public charitable trust
What would be the case if it is a public charitable trust
14 October 2013
Can it, yes.
whether it would be taxable or not? Fundamentally no. Such activities are often done as fund raisers and are normally not seens as business.
But if the income-tax department treats such receipts as business income and if the charitable trust is involved in "advancement of any other object of general public utility" , then the maximum revenue from such activity can be Rs 25,00,000. If the income exceed Rs 25 lakh, the trust will lose the exemption.
whether it would be taxable or not? Fundamentally no. Such activities are often done as fund raisers and are normally not seens as business.
But if the income-tax department treats such receipts as business income and if the charitable trust is involved in "advancement of any other object of general public utility" , then the maximum revenue from such activity can be Rs 25,00,000. If the income exceed Rs 25 lakh, the trust will lose the exemption.
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