27 January 2024
My client is a welfare association of employees, who contribute certain amount on a monthly basis as savings and get interest on these savings from Association and the Association also lends money to the needy members and collect interest on such lending. Whether this amounts to a case of mutuality. Out-siders are not allowed either to save money or to take loan from the Association. What is the implication of income tax?
29 January 2024
The income of mutual concern is exempted from tax. The additional income received from trading within the members of the concern is also exempted.
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