19 February 2008
Indian unit of International Doctors Association is organising a International conference for which is collecting registration fee from its members in India and abroad. They may also receive grant or fund from International Association in this regard, but they are not yet sure. My query is;
1. To organise the conference, Indian unit has to pay rent for equipments to be hired (like furnitures, conference hall, hotel rent etc,) professional charges, travel agents etc. Do they need to deduct IT, if the payment exceeds the limit for TDS? 2. What is the status of the association? Is it AOP? 3. Do they need to file return of income? 4. What to do, if there is any excess of income over expenditure or vice versa? 5. Does its books of accounts are to be audited U/s 44AB Income tax act, 1961 if the gross receipts exceeds Rs. 40lakhs? 6. If you have any suggestions, please suggest
22 February 2008
1. Provisions of TDS on rent, professional charges etc. are applicable as the association is not individual or HUF. 2.Status of association depends upon whether it is registered under any statutory provisions or not. You have to say this. 3.Liability for return of income will be there if their income exceeds non-taxable limit. 4. Same reply as in 3. 5.If they have business receipts yes, subject to the monetary limits prescribed in 44AB.
22 February 2008
1. Provisions of TDS on rent, professional charges etc. are applicable as the association is not individual or HUF. 2.Status of association depends upon whether it is registered under any statutory provisions or not. You have to say this. 3.Liability for return of income will be there if their income exceeds non-taxable limit. 4. Same reply as in 3. 5.If they have business receipts yes, subject to the monetary limits prescribed in 44AB.
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