15 March 2016
The NGO is a non profit organisation. There is a surplus on occasion of income is more than expenditure. The organisation has been formed with no profit objective but surplus in any year is accidental. The surplus of the year- is it from business activity or surplus remained as the expenditure has not been fully met during the year under consideration. Such surplus can be shown under Income from other sources instead of under Income from Business.- Here experts may throw more light. ITR 7 or ITR 5 ???????
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