Donation received by political party is considered as income or not?
If yes, then under which head?
As only PGBP income is taxable in hands of political party.
please clarify?
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Income of political party
Replies (3)
Yes, donations received by a political party are considered as income and are taxable. However, the income from donations is taxed under the head "Income from other sources" and not under the head "Profits and gains of business or profession" (PGBP).
Okay, what if donation or any type of grant received by a sole proprietorship, it is taxable but under which head?
If registered under a trust. Show it as income received from political party.
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