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
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Clause 88 - Computation of total income of a non-profit organisation - Direct Taxes Code Bill, 2009Extract Computation of total income of a non-profit organisation 88. (1) Subject to the provisions of this Chapter, the total income of any non-profit organisation shall be the aggregate of the following, namely :- (a) income from permitted welfare activities; and (b) any income arising from the transfer of any investment asset being a financial asset. (2) The income from any permitted welfare activities referred to in clause (a) of subsection (1) shall be the gross receipts, during the financial year, from the permitted welfare activities as reduced by the amount of outgoings in relation to the activities, calculated in accordance with the cash system of accounting. (3) The income referred to in clause (b) of sub-section (1) shall be computed in accordance with the provisions of sections 44 to 53.
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