in order to escape tax from concerned authority NPO'S record the general donation in balance sheet instead of recording in income and expenditure a/c.
is this true?
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Tax on NPO'S
Replies (1)
No, Only Corpus Donation can be taken directly to the Balance Sheet. General Donation will be the income of NPO and will be charged to tax accordingly.
But if NPO is registered under the Income Tax Act. It can claim a deduction as per different provision of Income Tax Act.
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