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.
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.
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.
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 
