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Donation paid by other person
a male person after retirement join a ashram and receive monthly pension from the govt. he open a saving account and many peoples send money as a donation into such saving account. question is this such donation amount treated in the head of other sources or exempt ed income .
Replies (5)
Quick Summary
Ashram registered with ITD for taking donations or not ?
If income of donations is less then 2.5 lac then no tax liability nor you are required to take registration under income tax.
If donations income is huge (say greater then 2.5 lac ) you must take registration for availing exemptions other wise it is taxable at normal rates as individuals
If donations income is huge (say greater then 2.5 lac ) you must take registration for availing exemptions other wise it is taxable at normal rates as individuals
If register then what can I treated this income , other side if not register then how to deal this income
If you remain unregistered then such income will be taxable under head Income from other sources and will not be exempted.
It will be taxable at normal rates of tax as are applicable to individual.
It will be taxable at normal rates of tax as are applicable to individual.
Thanks a lot
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