Taxability of membership fees received

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 September 2012 our company is entertainment industry, received life time membership fees from person in lacs of ruppes. what to do?
accounting entry and tax-ability of it.
please sir inform me in this regard

CA AYUSH AGRAWAL

CA AYUSH AGRAWAL (Expert)
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18 September 2012 It is Fully Taxable.

Bank Dr.
to Membership fees a/c receipt

If Amt Huge, You Can Bifurgate it in Certain Period of time as depend on management decision.

Amol S Joglekar

Amol S Joglekar (Expert)
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18 September 2012 Not able to get COMPANY and LIFE MEMBERSHIP Fee.... What sort of life membership is this? I can understand such head in CLUB / SOCIETY /TRUST. Please enlighten how this is done under COMPANY form of organisation. How many shares are allotted? (By the way, I fully uphold the answer by CA Ayush)

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Querist : Anonymous

Querist : Anonymous (Querist)

18 September 2012 ok sir i understand.