Shirdi Sansthan's Unspent Revenue to attract TAX in Crores !

[rOhit beHaL]

SHIRDI SAI BABA SANSTHAN'S ACCUMULATED UNSPENT REVENUE AMOUNT
SINCE 2008-09 to March 2013 IS Rs.560 CRORES !

The Bifurcation of the same as yearly Financial Revenue is:

2008-2009 : Rs.11.70 Crores.
2009-2010 : Rs.108.40 Crores.
2010-2011 : Rs.123.40 Crores.
2011-2012 : Rs.134.15 Crores.
2012-2013 : Rs.183.26 Crores.



Shirdi Sai Baba Sansthan has earned crores of rupees due to the donations from devotees.
Many proposals awaiting approvals are caught in Red-tapism and have come to a halt.
As a result,despite having abundant funds, these works are not being carried out efficiently
and so the Shirdi Sai Baba Trust is falling short in providing good amenities to the devotees.
Work is still pending on the planned Sai Garden, Dams etc. The roads in Shirdi are in a pathetic shape.
The flooring within the temple complex too needs repair. Female devotees too don’t have proper sanitation facilities.

According to the Income Tax Act of 1969,
the Income generated through donations by the Sansthan is Tax-free u/s 23 sub sec 5 and as per it’s amendment in the year 2002,
in order to get a Tax Rebate, the Sansthan must compulsorily spend 85% of its annual Revenue on any developmental projects,
in the same financial year itself. If not, then it can ear-mark the same unspent amount for some specified developmental work
and carry it forward upto a period of 5 years from the Date of Receipt. But, if the amount is not utilized even after 5 years,
then the same will attract an Income Tax of 30% on the total unspent amount.

Now, the unspent amount of Rs.11 crores 77 lakhs from 2008-09, has already been carried forward for the past 5 years
and if not utilized in any developmental work till 31st March`2014, then the Sansthan may end up shelling out Rs.3.5 crores as Income Tax.


Source: http://marathiadda.com/profiles/blogs/0-5









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