01-07-2012, 09:31 PM
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by Information Consultant</i>
<br />Income of NGO and NPO is taxable ? ( Difference between Receipt and payment )
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Income Tax Ordinance, 2001, does not speak of NGO except as a few have been exempted by mentioning their name in Schedule II. Generally an NGO may or may not fall within the scope of non-profit orgainsation.
Under Clause 58 (1) & (3) of Part I of Schedule II of the ITO, 2001, income from business of of Non-profit organization is exempt.
Clause 60 of Part I of 2nd Schedule also grants exemption to the income of any charitable or religious institution.
<br />Income of NGO and NPO is taxable ? ( Difference between Receipt and payment )
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
Income Tax Ordinance, 2001, does not speak of NGO except as a few have been exempted by mentioning their name in Schedule II. Generally an NGO may or may not fall within the scope of non-profit orgainsation.
Under Clause 58 (1) & (3) of Part I of Schedule II of the ITO, 2001, income from business of of Non-profit organization is exempt.
Clause 60 of Part I of 2nd Schedule also grants exemption to the income of any charitable or religious institution.
