Non-profit organisation tax treatment exclusions and net-worth income tax on conversion, merger or dissolution of the entity. The Chapter will not apply to persons who hold any business under trust, fail to comply with conditions in section 97, cease to be a non-profit organisation during the financial year, or carry on a business not incidental to charitable activity. A non-profit that ceases due to conversion, merger or dissolution is liable to income-tax on its net worth, and total income of persons falling under these disqualifying clauses shall be computed under the other provisions of the Code.
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.
Non-profit organisation tax treatment exclusions and net-worth income tax on conversion, merger or dissolution of the entity.
The Chapter will not apply to persons who hold any business under trust, fail to comply with conditions in section 97, cease to be a non-profit organisation during the financial year, or carry on a business not incidental to charitable activity. A non-profit that ceases due to conversion, merger or dissolution is liable to income-tax on its net worth, and total income of persons falling under these disqualifying clauses shall be computed under the other provisions of the Code.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
