Business undertakings held as charitable property: income is determined under tax law, subject to commercial activity conditions. Section 344 applies where property held by a registered non-profit organisation includes a business undertaking and a claim is made for its income to ... Summary
Business undertakings held as charitable property: income is determined under tax law, subject to commercial activity conditions.
Section 344 applies where property held by a registered non-profit organisation includes a business undertaking and a claim is made for its income to receive tax-regime benefits. The Assessing Officer may determine that income under the Income-tax Act. The provision does not itself exempt business income. Commercial activity must be incidental to the organisation's objectives and supported by separate books of account; organisations pursuing general public utility are also subject to a ceiling on aggregate commercial receipts.
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