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
Definition of key nonprofit tax terms clarifies donations, registration status, related persons, and commercial activity implications.
Clause 355 defines terms for tax regulation of non-profit entities: anonymous donation as voluntary contributions without prescribed identity records; donation as voluntary contributions to a registered non-profit; registration, approval, and cancellation as administrative statuses; and commercial activity as any trade or service for consideration. It also defines relational and asset concepts-related person, relative, specified person, specified provision, specified asset, residual income, substantial interest, and value-to govern entitlement and tracing of income and benefits.
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