04 January 2014
Society is registered under Soc Reg Act 1860 collecting membership fees from its member whether these fees are taxable or exempt if exempt under what section How tax is calculated of these societies kindly help if possible with exemples
05 January 2014
If membership fee is not refundable then it is taxable as business receipt and to be taxed under the head Business Income. If it is refundable then there is no tax payable.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
06 January 2014
Thank u sir for quick reply, It is non refundable fees but as per concept of mutuality one can not earn profit with dealing himself and which itr should be filed kindly guide me