Deduction regarding excess of income over expenditure in respect of a Union of bank employees
This query is : Resolved
17 November 2023
My query is that how can we claim the deduction (for example as deduction claimed u/s 80P of the Income Tax act, 1961 by the societies providing credit facilities to its members) in respect of excess of income over expenditure in a union of bank employees claiming exemption u/s 10E.
However, I want to bring one thing to your notice that the assessee is a Union of members (who are bank employees) which has been established for the welfare of the members & for managing all the expenses related with administration of Union. The total of income side of assessee has been taken by making total of all the donations, subscription & interest on investments held by union (i.e. deposits etc.).
However, I want to bring one thing to your notice that the assessee is a Union of members (who are bank employees) which has been established for the welfare of the members & for managing all the expenses related with administration of Union. The total of income side of assessee has been taken by making total of all the donations, subscription & interest on investments held by union (i.e. deposits etc.).
CA R SEETHARAMAN
(Expert)
18 November 2023
Only subscription exempt donation and interest Taxable.
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