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Income Tax - Highlights / Catch Notes

Home Highlights July 2016 Year 2016 This

One of the ways of generating fund is by maintaining the ...

Income Tax

July 12, 2016

One of the ways of generating fund is by maintaining the auditorium under trust. In this case, the auditorium was held under trust of the society for the purpose of generating funds. The income generated out of the auditorium was used to the objects of the trust. - Exemption u/s 11 allowed - AT

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  2. Taxability in hands of society - fund transferred to ‘Distribution Pool Fund Account’ it is not taxable in the hands of the Society. - SC

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  4. Supply or not - Applicant raises funds by collecting contributions, (also called as charges in the bye laws of Applicant Society), from members of the society - Held Yes

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