Poonawalla fincorps
Poonawalla fincorps

Association income

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(Querist)
11 August 2011 Interest received by the association will be taxed at what rate?? Though profit of the association is exempt, its other income will be taxed.but its at what rate?? flat 30%??

pls help
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
11 August 2011 In case the members share is indeterminate or any of its member is having taxable income, it is generally taxed @ 30% MM rate.
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CA Suresh kumar panda

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CA Suresh kumar panda (Querist)
11 August 2011 an association is having separate legal entity,how the individual member's income will affect the association income?
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