Tax calculation in case of charitable institutions?
This query is : Open
Shrey Malviya
(Querist)
26 June 2009
Hi frnds,
As it is known that tax liability of charitable institutions is calculated same as to individual but my question is can charitable institutions avail the basic exemption limits as availed by individuals?
As it is known that tax liability of charitable institutions is calculated same as to individual but my question is can charitable institutions avail the basic exemption limits as availed by individuals?
CA Kartik Pandya
(Expert)
26 June 2009
Yes dear Shrey, Charitable Institution enjoy 100% exemption subject to certain condition like they have to spend 85% of their income.But at the same time one should not compare it with Individual bcoz it is altogether different identity and different Tax structure.If you want some more exposure in this regard then pls refer section 12 if IT Act and feel free to contact me on my cell 099241 95661.
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