Taxability of aop
This query is : Resolved
09 May 2017
What would be taxability of an AOP running a religious institution ( A Mandir).
09 May 2017
it is taxable activity in the hands of AOP unless of course it has the registration under section 11 & 12 of Income Tax Act
09 May 2017
Thank you for the response sir, but what if it is registered as a society and what would be tax implications for donations received by it if all such donations are anonymous.
09 May 2017
Do you have registration u/s 11 and or 12 of the income tax act?
09 May 2017
yes under section 12
09 May 2017
set the procedure of opening the box in the presence of independent Umpires appointed by the society. Then you can claim the same as General Donation, to be spent on the objects of the society.
09 May 2017
1) Then to what extend these donations will be exempt if such independent umpire is appointed
2) And what would be the taxability of rent received from letting out beds of such religious place
2) And what would be the taxability of rent received from letting out beds of such religious place
09 May 2017
Exempt?.....you need to spend the money on the objects of the Society. The balance is taxable.
09 May 2017
And sir which ITR form will be filled and are there any other compliances with regards to audit of it.
09 May 2017
you may use ITR 5 for assesment year 2017-18......
Can you please give the 4 th alphbet of your society's PAN?
Can you please give the 4 th alphbet of your society's PAN?
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