Taxation of society
This query is : Resolved
03 July 2013
dear sir
one of my clients is society and it is reg. under section 80g of income tax act
Is accepts donation from out siders and contribution from members
is received donation is taxable income for society
one of my clients is society and it is reg. under section 80g of income tax act
Is accepts donation from out siders and contribution from members
is received donation is taxable income for society
Guest
Guest
(Expert)
04 July 2013
04.07.2013
Dear CA Himanshu Sharma,
Donations made by the Society to registered trusts or establishments who hold a valid exemption certificate qualify for deduction u/s 80G of the Income Tax Act. Likewise, if the Society holds a valid IT exemption certificate u/s 80G, donations received by the Society from outsiders will be exempt from tax.
Regards,
Dear CA Himanshu Sharma,
Donations made by the Society to registered trusts or establishments who hold a valid exemption certificate qualify for deduction u/s 80G of the Income Tax Act. Likewise, if the Society holds a valid IT exemption certificate u/s 80G, donations received by the Society from outsiders will be exempt from tax.
Regards,
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