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Income tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
22 May 2013 My query: An Assessess who is an AOP running a school. Can the assessee accept voluntary donations from students for construction of School building and other infrastructure. What is the nature of impact in income tax.
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CA Pooja Agarwal

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CA Pooja Agarwal (Expert)
22 May 2013 if it is registered as a trust .the donation is tax free.

Donations collected by schools will be tax-free if it is used for advancement of education. "If the income earned by a trust is utilized for charitable purposes, it cannot be held that the trust is carrying out business,"
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