Tax on NPO'S
bsai partish (166 Points)
11 August 2020is this true?
bsai partish (166 Points)
11 August 2020
CA KARAN SINGH
(Auditor at Big 4)
(622 Points)
Replied 12 August 2020
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.
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"