Accountancy Forum

Full Version: Tax NPO
You're currently viewing a stripped down version of our content. View the full version with proper formatting.
Income of NGO and NPO is taxable ? ( Difference between Receipt and payment )
It depands on the source of donation like if they receive donations from international community or localy rased funds than they are exempt.If there source of donation is from business than it is exmpt upto the exend it is used for chairatable purposes (Provided that business income can also b permanantly expmt by aproval from the chief commissionar.)
It depands on the source of donation like if they receive donations from international community or localy rased funds than they are exempt.If there source of donation is from business than it is exmpt upto the exend it is used for chairatable purposes (Provided that business income can also b permanantly expmt by aproval from the chief commissionar.)
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by Information Consultant</i>
<br />Income of NGO and NPO is taxable ? ( Difference between Receipt and payment )
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">

Income Tax Ordinance, 2001, does not speak of NGO except as a few have been exempted by mentioning their name in Schedule II. Generally an NGO may or may not fall within the scope of non-profit orgainsation.

Under Clause 58 (1) & (3) of Part I of Schedule II of the ITO, 2001, income from business of of Non-profit organization is exempt.

Clause 60 of Part I of 2nd Schedule also grants exemption to the income of any charitable or religious institution.
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by student_of_law</i>
<br /><blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by Information Consultant</i>
<br />Income of NGO and NPO is taxable ? ( Difference between Receipt and payment )
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">

Income Tax Ordinance, 2001, does not speak of NGO except as a few have been exempted by mentioning their name in Schedule II. Generally an NGO may or may not fall within the scope of non-profit orgainsation.

Under Clause 58 (1) & (3) of Part I of Schedule II of the ITO, 2001, income from business of of Non-profit organization is exempt.
Are the supplies to a Non profit org are exempt from tax.

Clause 60 of Part I of 2nd Schedule also grants exemption to the income of any charitable or religious institution.
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
Reference URL's