Taxation of society
This query is : Resolved
03 July 2013
dear sir
one of my clients is society and it is reg. under section 80g of income tax act
Is accepts donation from out siders and contribution from members
is received donation is taxable income for society
one of my clients is society and it is reg. under section 80g of income tax act
Is accepts donation from out siders and contribution from members
is received donation is taxable income for society
Guest
Guest
(Expert)
04 July 2013
04.07.2013
Dear CA Himanshu Sharma,
Donations made by the Society to registered trusts or establishments who hold a valid exemption certificate qualify for deduction u/s 80G of the Income Tax Act. Likewise, if the Society holds a valid IT exemption certificate u/s 80G, donations received by the Society from outsiders will be exempt from tax.
Regards,
Dear CA Himanshu Sharma,
Donations made by the Society to registered trusts or establishments who hold a valid exemption certificate qualify for deduction u/s 80G of the Income Tax Act. Likewise, if the Society holds a valid IT exemption certificate u/s 80G, donations received by the Society from outsiders will be exempt from tax.
Regards,
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
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Confusion around Form 26QB fields
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- BUYING PROPERTY COULD NOT FILE 26QB
- Gst input for FY 23-24
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- 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?
Trending Online Classes
CAclubindia
