Dear sir,
please guide me about crowded fund accountability and taxability. Can I receive this fund in saving account or do other treatments.
please do the needful.
1 Replies
Asha Kanta Sharma
(Manager - Finance & Accounts)
(36355 Points)
Replied 07 May 2020
Yes you can receive the amount in savings account.
Under the current Income Tax regulations, non-profit organisations that raise money using crowdfunding platforms are completely exempted from taxation. However, any individual receiving donations on any platform, unless the company is a non-profit itself, is liable to pay income tax.
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