How many Tax Benefit available in Trust or NGO ? Please guide
9 months ago
How many Tax Benefit available in Trust or NGO ? Please guide us
A.Dear client,
Section 67A: This section provides for the taxation of the income of an unregistered trust as if it were the income of an AOP. This means that the income earned by the trust is taxed at the maximum marginal rate applicable to an AOP, which is currently 30%
For the NGO to be exempted from paying taxes on donations taken, it must be ensured that the said NGO is registered under Section 12A of the Income Tax Act (1961). Any NGO or charitable fund established before 1st April 2021 should be registered as a legit NGO under the Income Tax Act
Section 67A: This section provides for the taxation of the income of an unregistered trust as if it were the income of an AOP. This means that the income earned by the trust is taxed at the maximum marginal rate applicable to an AOP, which is currently 30%
For the NGO to be exempted from paying taxes on donations taken, it must be ensured that the said NGO is registered under Section 12A of the Income Tax Act (1961). Any NGO or charitable fund established before 1st April 2021 should be registered as a legit NGO under the Income Tax Act
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