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Crowded Fund

06 May 2020

Dear sir,
please guide me about crowded fund accountability and taxability. Can I receive this fund in saving account or do other treatments.
please do the needful.

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Asha Kanta Sharma (Manager - Finance & Accounts) (10524 Points)
Replied 07 May 2020

Yes you can receive the amount in savings account. Under the current Income Tax regulations, non-profit organisations that raise money using crowdfunding platforms are completely exempted from taxation. However, any individual receiving donations on any platform, unless the company is a non-profit itself, is liable to pay income tax.