Dear Sirs,
Kindly clarify the following. We have a temple society registered within our residential colony of about 1000 families. Every year we celebrate all major festivals and the elected committee collects donations and organise these festivals besides day-to-day functioning of temple, poojari and other expenses. Last 4 years the committee had been spending lot of money (approx. Rs.25+ lacs) per year and majority of the payments to vendors and contractors is made as cash. each transaction may exceed Rs.10,000. The committee does not file ITR. Could you please elaborate tax implications u/s 40 and having a regular annual income not less than Rs.10-12 lacs from hundi, donations etc. besides the fesitve collections of Rs.10-15 lacs per year. What are the tax implications
CAclubindia
