22 February 2008
do a society registered under societies registration act 1860 is taxable in eye of income tax act as an association of person or in some other manner section. Is there any exemption or deduction available to them bcoz the society is not form for the profit purpose
22 February 2008
AS LONG AS IT IS PROVED THAT THE ENTIRE INCOME OF THE SOCIETY IS USED ONLY FOR THE BENEFIT OF ITS MEMBERS WITHOUT ANY COMMERCIAL MOTIVE , THERE IS NO TAX PROBLEM. A SOCIETY IS TREATED IN THE EYES OF THE LAW AS AN ASSOCIATION OF PERSONS JOINING TOGETHER FOR A COMMON SERVICE OBJECTIVE TO SERVE THE MEMBERS OF THE SOCIETY. R.V.RAO
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