Income liable for Income Tax

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Pavan (Querist)
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17 August 2010 A marketing company receiving the income by way of Membership fees from its members at the time of enrolment as member, which is a life time fees and non-refundable.

Is it liable for income tax. ?

CA Sanat Pyne

CA Sanat Pyne (Expert)
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17 August 2010 IF IT IS NON REFUNDABLE THEN IT IS TAXABLE IN THE YEAR IN WHICH THE MEMBER ENROLLED.

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Pavan

Pavan (Querist)
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17 August 2010 Thanks a lot Sir.
But I have a doubt, Can it be treated as income say over three to four years and offer for tax in 4 years, rather than entirely in the year of receipt.

CA Sanat Pyne

CA Sanat Pyne (Expert)
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17 August 2010 NO IT CAN NOT BE POSSIBLE AS YOU HAVE TO TREAT IT AS INCOME IN THE YEAR IN WHICH THE MEMBER WAS ENROLLED.

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Pavan

Pavan (Querist)
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17 August 2010 Thanks a lot Sir.

CA Sanat Pyne

CA Sanat Pyne (Expert)
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17 August 2010 ITS MY PLEASURE.

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