Clause 89 - Gross receipts in the case of a non-profit organisation - Direct Taxes Code Bill, 2009

Gross receipts in the case of a non-profit organisation 89. (1) The gross receipts from the permitted welfare activities referred to in sub-section (2) of section 88 shall be the aggregate of the following, namely:- (a) the amount of voluntary contributions received; (b) any rent received in respect of a property consisting of any buildings or lands appurtenant thereto; (c) the amount of income derived from any business carried on by it, if- (i) the business is incidental to the permitted welfare activity so carried on; and (ii) the permitted welfare activity so carried on does not involve any activity referred to in sub-clause (vi) of clause (g) of section 96; (d) full value of the consideration received from the transfer of any investment asset, not being a financial asset; (e) full value of the consideration received from the transfer of any business capital asset, if- (i) the business is incidental to the permitted welfare activity carried on by it; and (ii) the permitted welfare activity so carried on does not involve any activity referred to in sub-clause (vi) of clause (g) of section 96; (f) the amount of any income received from any investment of its funds or assets; and (g) the amount of any incoming, realization, proceed, donation or subscription, received from any source. (2) The gross receipts referred to in sub-section (1) shall not include,- (a) any loan, borrowings and advances during the financial year; and (b) any receipt which is includible in clause (b) of sub-section (1) of section 88.