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93. Gross receipts of a non-profit organisation
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93. Gross receipts of a non-profit organisation.—(1) The gross receipts from any charitable activity shall be the aggregate of the following, namely :—
(a) the amount of voluntary contributions received ;
(b) any rent received in respect of a property held by the non-profit organisation consisting of any buildings or lands appurtenant thereto ;
(c) the amount of income derived from any business carried on by the non-profit organisation, if the business is incidental to any charitable activity so carried on ;
(d) income from transfer of any capital asset computed in accordance with the provisions of sections 46 to 54 (both inclusive) where the asset is not used for the purposes of any charitable activity or any business incidental to such charitable activity ;
(e) full value of consideration on transfer of any capital asset other than the asset referred to in clause (d) ;
(f) the amount of income received from investment of its funds or assets ;
(g) the amount of any incoming, realisation, proceeds, or subscription received from any source ; and
(h) any amount, which was received in the last month of the immediately preceding financial year and was deposited in a specified deposit account as referred to in clause (e) of section 94.
(2) The gross receipts referred to in sub-section (1) shall not include—
(a) any loan taken during the financial year ; and
(b) voluntary contributions received with a specific direction that they shall form part of the corpus of the non-profit organisation.
Clause 93 provides that the gross receipts of the non-profit organisation from any charitable activity shall be the aggregate of the following, namely :—
(a) the amount of voluntary contributions received ;
(b) any rent received in respect of a property held by it consisting of any building or land appurtenant thereto ;
(c) the amount of income derived from any business carried on by it, if the business is incidental to any charitable activity so carried on ;
(d) income from transfer of any capital asset computed in accordance with the provisions of sections 46 to 54 (both inclusive) where the asset is not used for the purposes of any charitable activity or any business incidental to such charitable activity ;
(e) full value of the consideration received from the transfer of any business capital asset, other than the asset referred to clause (d) ;
(f) the amount of income received from investment of its funds or assets ; and
(g) the amount of any incoming, realisation, proceeds, or subscription received from any source.
(h) any amount, which was received in the last month of the immediately preceding financial year and was deposited in a specified deposit account as referred to sub-items (e) of clause 94.
The said clause further provides that such gross receipts shall not include any loan taken during the financial year and voluntary contributions received with a specific direction that they shall form part of the corpus of the non-profit organisation.
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