Taxation of an aop

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seema vithlani (Querist)
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08 March 2013 An AOP registered under societies act, 1860,
during 10-11. it had collected membership fees, Advertisement fund & Sponsership for organising events for the benifit of its members.
whether this fund is to be treated as an income of the AOP & liable to tax OR it is to be transfer to the fund & utilise it whenever requires.
Please guide

Guest

Guest (Expert)

08 March 2013 yes, amount recd from members to be treated as fund

and

this fund may be placed as fixed deposit in bank and interest on that will be the income of AOP

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