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Tax on net worth arises when a non-profit converts, merges with a non-qualifying entity, or fails asset transfer on dissolution. Conversion, merger or failure to transfer assets on dissolution of a non-profit organisation triggers an income-tax liability measured on the organisation's net worth. Net worth is the aggregate value of total assets less liabilities, computed as on the date of conversion or merger, or on the date of dissolution, and is to be determined in accordance with prescribed valuation rules.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
<h1>Tax on net worth arises when a non-profit converts, merges with a non-qualifying entity, or fails asset transfer on dissolution.</h1> Conversion, merger or failure to transfer assets on dissolution of a non-profit organisation triggers an income-tax liability measured on the organisation's net worth. Net worth is the aggregate value of total assets less liabilities, computed as on the date of conversion or merger, or on the date of dissolution, and is to be determined in accordance with prescribed valuation rules.
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