An AOP has been registered solely for the purpose of Collecting donations from public and carrying out Charitable activies out of such donations received. Now it wants to be registered under Sec 12 A. For such purpose, Income Tax Returns for the last 3 years are to be submitted. Whether Tax is payable on Net Profit or Total Receipts in the form of Donations?
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Taxability of aop
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All the members have taxable income and there is no surplus.
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