16 September 2019
Please advise whether the clubs registered under Societies Registration act 1860 should have to pay income tax if not registered under sec 12 of IT act
04 June 2020
Yes. Income Tax exemption is only available if registered under Income Tax
The Trust must be carrying on charitable activity covered under provisions of section 2(15) of Income Tax Act, 1961. The eligible trust is required to make an application for grant of exemption u/s. 12A and 12AA of Income Tax Act, 1961. The exemption is governed by section 11 and 12 r.w.s. 13 of Income Tax Act, 1961.
CAclubindia
