NGO Taxation in Lucknow, Uttarpradesh the taxation provisions for NGOs vary depending on the type of NGO and its legal status. Some of the key provisions related to the taxation of different types of NGOs in Lucknow are:
- Trusts: Trusts are typically exempt from income tax under Section 11 of the Income Tax Act, 1961, provided they meet certain conditions, such as using the income for charitable or religious purposes and not having any income from prohibited sources.
- Societies: Societies are typically exempt from income tax under Section 12A of the Income Tax Act, 1961, provided they are registered as a charitable trust or a charitable society and meet certain conditions, such as using the income for charitable or religious purposes and not having any income from prohibited sources.
- Charitable Companies: Charitable Companies are typically exempt from income tax under Section 11 of the Income Tax Act, 1961, provided they meet certain conditions, such as using the income for charitable or religious purposes and not having any income from prohibited sources.
- Foreign Contribution Regulation Act (FCRA) registered organizations: NGOs registered under FCRA are also eligible for tax exemptions under the Income Tax Act, 1961, provided they comply with the regulations of FCRA.
- Income from Business: However, if the NGO carries out any business activities, the income generated from such business activities will be taxable as per the Income Tax Act, 1961.
It is important for NGOs to stay informed of the tax laws and regulations that apply to their organization, and to consult with tax professionals if necessary.