Taxation of society registered under societies reg. act 1860

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

04 January 2014 Society is registered under Soc Reg Act 1860
collecting membership fees from its member
whether these fees are taxable or exempt
if exempt under what section
How tax is calculated of these societies
kindly help if possible with exemples

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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05 January 2014 If membership fee is not refundable then it is taxable as business receipt and to be taxed under the head Business Income. If it is refundable then there is no tax payable.

Querist : Anonymous

Querist : Anonymous (Querist)

06 January 2014 Thank u sir for quick reply,
It is non refundable fees
but as per concept of mutuality one can not earn profit with dealing himself
and which itr should be filed
kindly guide me

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