Section 10 (23c) vis-a-vis section 11 & 12

This query is : Resolved

Heera Nahariya (Querist)
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12 March 2014 An Association is registered under Society Registration Act, 1860. The object clause of the Association runs thus:

A. To serve a common platform for all post-graduate college in the state for development in respective higher education.

B. The income derived in whatever way shall be utilized for promoting the above objectives of the Association and shall not be distributed among the members of the Association or any body as dividend.
My query is:
How the Association would be taxed. Is there any exemption in this regard. How the exemption is to be claimed.

Which section to apply section 10(23C) or 11 & 12.

Rupesh Jain

Rupesh Jain (Expert)
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25 March 2014 r/sir

society under 10(23C) for that you have register your society with income tax .
and receipts up to Rs. 1.00 crores society can work. and claim exemption u/s 10(23c)

after that you have to create trust and to be registered u/s 12