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Exemption of Income under the concept of mutuality

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(Querist)
11 December 2023 Is there any section to claim exemption income under the concept of mutuality in the return of income other than 80P
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
12 December 2023 With reference to income tax act, 1961, Section 2(24) states “income” which includes profit, dividend, allowances and subsides but does not include the contribution received from the members of society, club, association.

The contribution received by the Association of person from the members then the principal of mutuality applies. Here the society/ AOP merely acts as an agent who collects charges in different forms on behalf of members & spends the same to meet the various joint expenses of the society/ clubs. The excess contribution cannot be said as profit of association or society, it is the amount which will be utilised in next year or retain as surplus in association.
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