13 December 2017
Sir there is a NGO registered as society and not having 12A or 80G registration. My question is what are the income tax provisions applicable to the such society? Whether it is required to get audited? Whether it is eleigible for section 11 & 12 exemption? Gross receipets and donations are 9lacs and expenses icnurred are 550000. Plz reply.
14 December 2017
Income is taxable in the status of AOP/BOI. Audit is not required unless otherwise mentioned in the bye law of the society. 12A and 80G depends on the main object of the society.
CAclubindia
