Calculation of income tax of aop
This query is : Resolved
07 October 2013
XYZ Society registered as an AOP (Trust) has received donation of Rs. 219596 for A.Y. 2011-12 and profit of Rs. 127979.
How will the Tax be calculated in such a case since utilization is lesser than 85%?
Please reply.
How will the Tax be calculated in such a case since utilization is lesser than 85%?
Please reply.
07 October 2013
Hi
As per my knowledge
Donations tax is tax payable at a flat rate of on the value of property disposed of by donation (sections 54 to 64 of the Income Tax Act, 1962).
A donation includes property disposed of for an inadequate consideration (section 58).
Donations tax applies to any individual, company or trust that is a resident as defined in section 1 of the Income Tax Act, 1962.
Non-residents are not liable for donations tax.
The person making the donation (donor) is liable for the tax but if the donor fails to pay the tax within the prescribed period the donor and donee are jointly and severally liable for the tax (section 59).
Public companies and public benefit organisations amongst others are exempt from donations tax (section 56(1)(h) and (n)).
Donations tax must be paid within three months of the donation taking effect or such longer period as SARS may allow (section 60(1)). Payment must be accompanied by form IT144 (section 60(4)).
A donation takes effect when all legal formalities for a valid donation have been complied with (section 55(3)).
As per my knowledge
Donations tax is tax payable at a flat rate of on the value of property disposed of by donation (sections 54 to 64 of the Income Tax Act, 1962).
A donation includes property disposed of for an inadequate consideration (section 58).
Donations tax applies to any individual, company or trust that is a resident as defined in section 1 of the Income Tax Act, 1962.
Non-residents are not liable for donations tax.
The person making the donation (donor) is liable for the tax but if the donor fails to pay the tax within the prescribed period the donor and donee are jointly and severally liable for the tax (section 59).
Public companies and public benefit organisations amongst others are exempt from donations tax (section 56(1)(h) and (n)).
Donations tax must be paid within three months of the donation taking effect or such longer period as SARS may allow (section 60(1)). Payment must be accompanied by form IT144 (section 60(4)).
A donation takes effect when all legal formalities for a valid donation have been complied with (section 55(3)).
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG Tax On residential property
- Applicable TDS for Purchase of Flat from NRI
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Gift of mutual fund units to daughter
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Pass word to open justification report for Q1 for FY 2026-27
- Building tax payment deduction in rental Income
- NRI ITR2 account in 2025-26 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
