Gross receipts in the case of a non-profit organisation
89. (1) The gross receipts from the permitted welfare activities referred to in sub-section
(2) of section 88 shall be the aggregate of the following, namely:-
(a) the amount of voluntary contributions received;
(b) any rent received in respect of a property consisting of any buildings or lands appurtenant thereto;
(c) the amount of income derived from any business carried on by it, if-
(i) the business is incidental to the permitted welfare activity so carried on; and
(ii) the permitted welfare activity so carried on does not involve any activity referred to in sub-clause (vi) of clause (g) of section 96;
(d) full value of the consideration received from the transfer of any investment asset, not being a financial asset;
(e) full value of the consideration received from the transfer of any business capital asset, if-
(i) the business is incidental to the permitted welfare activity carried on by it; and
(ii) the permitted welfare activity so carried on does not involve any activity referred to in sub-clause (vi) of clause (g) of section 96;
(f) the amount of any income received from any investment of its funds or assets; and
(g) the amount of any incoming, realization, proceed, donation or subscription, received from any source.
(2) The gross receipts referred to in sub-section (1) shall not include,-
(a) any loan, borrowings and advances during the financial year; and
(b) any receipt which is includible in clause (b) of sub-section (1) of section 88.