Society (NGO): Is taxable as a trust or an AOP

[ABDULLAH MAHMUD]

A helpful suggestion is required in the following case:

 

A society is registered under the Society Registration Act of Madhya Pradesh as an NGO for Charitable and Religious purose and has filed its audited accounts under the Societies Registration Act.

 

Since the income was very minimum it did not file any return of income under the Income TAx Act and neither applied for any registration under the Income Act for exemption.

 

Since 1 year (AY 11-12 ) it has started operating a school under its agies and in the current AY (AY 12-13) it is expected to earn some profit.

It would be of great help if anyone can answer following queries:

 

1. Regarding the taxability of the society i.e Taxable as Trust or AOP.

2. The audit requirement of the Society and the school it has started and the audit limit under the Income TAx Act.

3.  Regarding the filing of return of income under the Income Tax Act. The return of income if filed will include both for the society and the school under its agies?

Thanks in advance

--

Regards
Abdullah Mahmud

B.Com, ACA

Mahmud & Associates
+919883011723, +919038613793

[Sunil]

 

Your valuable suggestion is required in the context of

 

basis difference between registration & allotment of shares

under companies act.

 

Regards

sunil Bhoruka

[Kalidas Ramaswami]

If the term"Registration" is used in the context of membership to  a Company it refers to the process which is followed culminating into the incorporation of a person's name in the Register of members.Allotment is one of the methods by which a person's naaame is registered as a member.Once shares re alloted to a person his neme is immediately recorded in the register of members.
regards
kalidas
 

---

From: su...@suvidhaconsultants.com
To: foru...@googlegroups.com
Subject: [RUNGTA PD]
Date: Mon, 13 Feb 2012 11:38:27 +0530

--
forum4ca is a Google Group of eServe online for the benefit of CA and other professionals. It is especially meant for written discussion & circulate information within group members. The mail may contain such research/advice/opinion/information/fact provided by any member and are subject to the accuracy and of the description of facts.The forum4ca, do not claim that contains in mail/information obtained after reading as a complete and accurate disclosure of relevant facts. Further this Group’s Owner/Moderator/Member are not liable for any damages or costs suffered due to action/transaction based on information on this Group.
 
To join and/or to post to this group send email: foru...@googlegroups.com
To unsubscribe from this group, send email to:forum4ca+u...@googlegroups.com
For more options, visit this group at:http://groups.google.co.in/group/forum4ca or www.eserveonline.net

[anita kar]

Dear All ,    Please help me by solvine the querries as narrated below:   An US Citizen worked upto December 2011 in US then he join a company in India . .He has his Indian PAN Card .    Now my question is for the income which he earned in US whether he is to pay tax In India? He will be in India for coming six Months so he has no scope to pay tax in US Next for the income which he earned in India for the period January to March whether he is to pay tax in India ? If he is to pay tax in India then  under the  Indian PAN or Foreign Pan?    Thanks    Anita Kar

[D Kanoria]

Dear All,

According to me tax has to be paid in the country where the income has been earned. Further, worldwide income has to be offered to tax in the country where the assessee has spent the largest part of the financial year (typically over 182 days). Tax has to be computed after giving credit to taxes paid in other countries. The difference, if any, has to be paid in that country.

Regards,

D. Kanoria

--

[Bikash Bogi]

Anita Ji

 

For US citizens their global income is taxable in US. So as fra as US taxation is concerned, he have to take indian income while filing the ROI in US. They will get credit of taxes paid in India.

 

For India, as the US citizen is holding indian PAN, it is advisable to file ROI based on indian PAN. He is not required to pay taxes in India for income earned in USA.

 

 

--

forum4ca is a Google Group of eServe online for the benefit of CA and other professionals. It is especially meant for written discussion & circulate information within group members. The mail may contain such research/advice/opinion/information/fact provided by any member and are subject to the accuracy and of the description of facts.The forum4ca, do not claim that contains in mail/information obtained after reading as a complete and accurate disclosure of relevant facts. Further this Group’s Owner/Moderator/Member are not liable for any damages or costs suffered due to action/transaction based on information on this Group.
 
To join and/or to post to this group send email: foru...@googlegroups.com
To unsubscribe from this group, send email to:forum4ca+u...@googlegroups.com
For more options, visit this group at:http://groups.google.co.in/group/forum4ca or www.eserveonline.net

--

Thanks & Regards

 

Bikash Bogi (Partner)  

 

SBR & CO. CHARTERED ACCOUNTANTS 

MUMBAI  I  SURAT 

 

Mobile :   +91-9930934403

Blog  :   http://bikashbogi.blogspot.com/  

            

 

 

[Dilip Agarwal]

Dear Bikas Ji,   Could you please relate this particular case to a recent famous judgement in Eli Lilly case ? Further, Indian Income Tax Act does not consider citizenship case.   I will be highly obliged with your answer. Specially after this recent judgement in Eli Lilly case, it has made me confused to find answer for this situation.   Thank you,   Best regards, Dilip K. Agarwal --- On Sun, 2/26/12, Bikash Bogi <bikas...@gmail.com> wrote: