Section 58(1) in The Maharashtra Public Trusts Act, 1950
(1)Subject to the provisions of this section, every public trust shall pay to the Public Trusts Administration Fund annually such contribution at a rate or rates not exceeding five per cent, of the gross annual income, or of the gross annual collection or receipt, as the case may be, as may be notified, from time to time, by the State Government, by order published in the Official Gazette. The contribution shall be paid on such date and in such manner as may be prescribed. The contribution payable under this section shall—(i)in the case of a dharmada, be fixed at a rate or rates on the gross annual collection or receipts of the dharmada;(ii)in the case of other public trusts, be fixed at a rate or rates on the gross annual income of such public trust.Explanation 1.—For the purposes of this sub-section ‘gross annual collection or receipt’ or ‘gross annual income’ does not include any donations received by any dharmada or public trust from another dharmada or public trust registered under this Act.Explanation 2.—(a)For the purpose of this sub-section ‘gross annual income’ means gross income from all sources in a year (including all donations and offerings), but does not include any payment made or anything given with a specific direction that it shall form part of the corpus of the public trust, nor include any deductions which the State Government may allow by rules:Provided that, the interest or income accruing from such payment made or thing given in the years following that in which they were given or made shall be taken into account in calculating the gross annual income.(b)Where a public trust conducts a business or trade as one of its activities for the purpose of assessing the contribution as respects that activity, the net annual profits of such business or trade shall be treated as the gross annual income of the business or trade.
