Taxability of donations recd by Society for construction
This query is : Resolved
02 January 2011
Dear Friends,
An educational society has been registered under the Societies Act. It has not yet get registration u/s. 12AA & 80G of the Income Tax Act, 1961. During the last two years, the society has received corpus donations for the construction of the building of the school to be run by the Society. It has not filed its income tax return for the past years except for AY 2009-10.
My query is whether the donations received for the construction of the school are taxable income of the society?Society has not been undertaking any other activity.
Thanks and Regards.
An educational society has been registered under the Societies Act. It has not yet get registration u/s. 12AA & 80G of the Income Tax Act, 1961. During the last two years, the society has received corpus donations for the construction of the building of the school to be run by the Society. It has not filed its income tax return for the past years except for AY 2009-10.
My query is whether the donations received for the construction of the school are taxable income of the society?Society has not been undertaking any other activity.
Thanks and Regards.
02 January 2011
For want of registration u/s 12AA, the donation received ,for building construction, is taxable under the status AOP.
03 January 2011
Thanks. Is there any way out to escape tax liability?
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