Clause 92 - Computation of total income of a non-proft organisation. - Direct Taxes Code, 2010

Computation of total income of a non-proft organisation. 92. (1) Subject to the provisions of section 8, the total income of any non-profit organisation in relation to any charitable activity, during the financial year, shall be the gross receipts as reduced by the amount of outgoings, computed in accordance with the cash system of accounting. (2) Notwithstanding anything in sub-section (1), the total income of a non-profit organisation, being a company registered under section 25 of the Companies Act, 1956 in relation to any charitable activity, during the financial year, shall be the gross receipts as reduced by the amount of outgoings, computed in accordance with the mercantile system of accounting.