08 May 2009
Is the excess of income over the expenditure of a Member's Club subjected to Income Tax? If so is there any exemption limit? Is it mandatory on the part of the Club to file the IT returns in case where tax(TDS) is deducted by the banks on interest payments on Fixed Deposits kept in the Club's name?
10 May 2009
If on working on commercial basis and not on the basis of mutuality then it is taxable as BOI and same exemption limits apply as available to a normal individual assessee. For claiming of refund TDS, return filing is compulsory otherwise not if the income does not exceed BEL.
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