Hi All,
Is income of "Samaj" (registered as society) is taxable? The society is earning from two sources-
1. Through voluntary contributions from its members
2. Interest income from bank FD (on which TDS is deducted by bank)
The society is working for its members and doing charitable activities also. But not registered under secion 12AA. Both incomes are taxable or not?
Thanks and regards,
Pragya
On the basis of decision of Three Tribunals i.e. ITAT, Chennai, ITAT, Delhi and ITAT, Kolkata and further confirmed by the Delhi High Court, the voluntary contribution of corpus donation is in the nature of capital receipt and not taxable, irrespective of the fact whether trust is registered u/s 12AA or not.
source:
https://anilkumarjainca.blogspot.com/2013/08/corpus-donations-not-taxable-in.H T M L
Tax on Int from FD is marginally tax.
CAclubindia
