Some of city ENT doctors having formed some society and organising some event for which bank account has been opened in the name of the association and all contribution being received from doctors through a/c payee cheques and expense towards the event also been made from same bank accounts.
Pl clarify the following points:
1. Is there any special provision for taxation for such one time event. 2. What would be tds liabilities of donors and donee. 3. whether this association also needs to deduct tds if yes upto what amount and rate of tds.
04 November 2011
Well such an activity shall be a part of the activity by a mutual group and hence there shall arose no liablity of taxation and such, and hence no issue or tax complication shall arise.
CAclubindia
