Income chargeable head for trade union
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 December 2015
Hi.
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.
We have to show on intt of FD income or excess of receipt over payment also.
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.
We have to show on intt of FD income or excess of receipt over payment also.
CA PARAS BAFNA
(Expert)
23 December 2015
You have to show this income under the Heading of Income Fully Exempt -Schedule EI.
..
Income having nature of Business Income/Other Sources Income of a registered Trade Union is exempt from tax U/s 10(24).
..
Income having nature of Business Income/Other Sources Income of a registered Trade Union is exempt from tax U/s 10(24).
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