Income tax on membership fee
This query is : Resolved
16 December 2013
we are section 25 (Non Profit Orgn) co. Association but we are not regd under 12A of Income tax. Whether Membership Fee (Annual & LifeTime) received from members are taxable or not. Whether it has to be considered for advance tax or not. Apart from this we have Interest Income from Fixed Deposit which is taxable. Kindly advise on membership fee income taxable or not.
16 December 2013
Annual membership fees are not taxable and not to be considered for advance tax payment.
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