Tax calculation in case of charitable institutions?
This query is : Open
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?
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.
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
- TDS on Consultancy- Non DTAA
- Depreciation of fixed assets- coop housing society in mumbai
- Reopen of assessment proceeding
- Experts need help
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Rental income gst and it purpose
- EPF FULL & FINAL RULES IN 2026
- FTS Taxable under 115A
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Gift Received from nonblood relative
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
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
