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Statutory Provisions

Home Acts & Rules Bill Bills DIRECT TAXES CODE BILL, 2009 Chapters List Chapter IV SPECIAL PROVISIONS RELATING TO COMPUTATION OF TOTAL INCOME OF NON-PROFIT ORGANISATIONS This

Clause 89 - Gross receipts in the case of a non-profit organisation - DIRECT TAXES CODE BILL, 2009

DIRECT TAXES CODE BILL, 2009
Chapter IV
SPECIAL PROVISIONS RELATING TO COMPUTATION OF TOTAL INCOME OF NON-PROFIT ORGANISATIONS
  • Contents

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.

 
 
 
 

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