Tag: ASSOCIATIONS

Income earned by a mutual concern from mutual activities is no taxable whereas income earned from non-mutual activities is chargeable to tax. Applicability: Applicable to trade or professional or similar associations, which do not distribute any part of income to its members. Exception: Association for the purpose of control, supervision, regulation or encouragement of the […]

Income earned by a mutual concern from mutual activities is no taxable whereas income earned from non-mutual activities is chargeable to tax. Step 1 Compute Deficiency = Expenditure incurred by such Applicability: Applicable to trade or professional or similar associations, which do not distribute any part of income to its members. Exception: Association for the […]