Our Alumni union has registered under Societies Act in Karnataka and we collect small donations.
want to know the tax implications under Income Tax for the above?
is there any rule that union must spend a percentage of amount received?
thanking you
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Tax Implications of Alumni Union (R) under Society Act
Replies (1)
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A society is taxable like an AOP unless registered under 12A/12AB.
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No mandatory spending unless you take 12A/12AB exemption.
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If registered under 12A/12AB → must apply 85% of income to objects.
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Recommended to take 12A/12AB for tax-free operations.
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