28 April 2018
One of my clients want to file income tax return with AOP status, basically its a trade union registered under trade union act. On monthly basis contribution from members are submitted and persons in charge are managing exp based on receipts. They also have bank FD on which they have earn intt and bank deducted TDS. please suggest in which head income would be chargeable and is it exempt under section 10(24) if we show under income from other sources.
28 April 2018
Income fromm other source and Income from House property is exempted from tax for a registered trade union under Trade Unions Act, 1926. However, if the income from these sources or any other source exceeds the basic exemption limit (Rs2,50,000 currently) without availing the exemption u/s 10 then return filing is compulsory. source:moneylife.in
CAclubindia
