dear all,
one of my client is receiving voluantry donations from verious person as they are running medical colleges on cherity basis.
i want to know the tax treatment on the same and how the same will be shown in the Balance Sheet.
thanks in advance.
take care
Menu
Tax treatment of Donation received by Soceity Havin 12A
Replies (1)
If it is corpus donation means money is giving for purpose then it is exempt ...
otherwise 85% has to be applied for purpose it is built
or there is an option of utililising unutilised amount in specified securities u/s11(5)
for more refer sec 11
Recent Topic
- Total income less than 12 lakhs but after processi
- Is Getsvision Solutions right for SMTP bulk email
- Queries on Stock/ETF gifting.
- Adding bank account for the deceased for ITR refun
- SALE OF EQUITY ON THE LAST DAY OF THE FY 2024-25 N
- Which ITR form
- Form 103 id delayed for submission for more than 1
- Composition scheme
- Input tax credit under igst under insurance compan
- ITR Form to be used
Related Topics
CAclubindia
