04 September 2013
suppose my Charitable organisation is receiving a sum of rs. 29,03,531/- (including grants & donations) and the amount spent is rs. 16,24,892/- then the taxable income will be Rs. 12,78,639/- How to proceed further from taxation point of view? How to tax this Charitable organisation?
04 September 2013
Total Receipts as per Income & Expenditure A/c Less : Depreciation
Less : 15% permitted Accumulation of net above after depreciation Income to be applied Less: Amounts spent/applied towards charitable
Add : Amount spent for acquisition of fixed Total amount spent/applied during the year Restricted to available surplus
Taxable income
Provided the Charitable Trust can claim full deduction on the net taxable Income if the said income is utilized for the charitable purpose in the same subsequent year...
04 September 2013
You can claim full deduction on the net taxable Income if the said income is utilized for the charitable purpose in the same subsequent year...