25 March 2010
A CHARITABLE TRUST HAS CONDUCTED FUND RAISING PROGRAMME, SAY MUSIC SHOW IN PUBLIC HALL.THE NET INCOME AFTER EXPENSES IS RS 4,00,000/- DOES IT LIABLE TO PAY TAX @30% SINCE BUSINESS INCOME FOR THE YEAR ENDED 31.3.2010 VIDE ASST YEAR 2010-11. PLEASE CLARRIFY
25 March 2010
On the face of it you are eligible for exemption since what you have done is only one of the modes of raising money for charity. So long as your objectives satisfy the requirements of law there is no problem.
26 March 2010
HOW TO SHOW THIS BUSINESS INCOME IN THE ACCOUNTS FOR 31.3.2010 sEPARATE RECEIPTS & PAYMENTS A/C & INCOME & eXPENDITURE A/C PLEASE CLARRIFY
CAclubindia
