hi shivang as far as i know NGO's are profit making concerns.
Which Head of Income
Page no : 3
CA. Rajesh P. Ahir
(In Service @ PSU)
(687 Points)
Replied 12 July 2010
as per my opinion when there is specially provided for gift income to be taxed under the head other source. than it should be be taxed under O.S....?
harish .k
(STUDING)
(306 Points)
Replied 12 July 2010
it should be taxed under profits & gains of bussiness / profesion and not under other source f income
regards
Harish
CA Amit Kumar Khaitan
(Research Analyst)
(360 Points)
Replied 12 July 2010
Business includes a vocation
vocation is something that a man does or carries out as a way of his life.
a priest is having a vocation of priesthood
he is to b taxed under PGB P
Nitin Grover
(CS)
(1228 Points)
Replied 12 July 2010
| Originally posted by : Trapti varshney | ||
 |
It cannot be charged as business income b'coz its not a business As per sec 2(13) to regard an activity as business , there must be a course of dealings , either actually continued or contemplated to be continued with a profit motive not for sport or pleasure. hence not a businee n cannot be taxed under business profession. i hope u got this point. |
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