Association of persons or body of individuals or artificial juridical person formed for a particular event or purpose - Income Tax Bill, 2025 - Old Version
Association of persons or body of individuals or artificial juridical person formed for a particular event or purpose - Income Tax Bill, 2025 - Old Version
Specified income rules: categories of non-profit receipts and misapplied funds are taxed in the tax year of receipt or application. Clause 337 defines specified income of a registered non-profit organisation by listing categories of receipts and applications of funds that are taxable ... Summary
Specified income rules: categories of non-profit receipts and misapplied funds are taxed in the tax year of receipt or application.
Clause 337 defines specified income of a registered non-profit organisation by listing categories of receipts and applications of funds that are taxable and specifying the tax year triggering taxation. Categories include anonymous donations (subject to a prescribed exemption), income applied for related persons' benefit, applications outside India contrary to section 338(a), investments contrary to section 350, violations of section 340 regarding deemed corpus donations, various forms of misapplied or improperly accumulated income, transfers to other registered non-profits, and income determined by the Assessing Officer under section 344.
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