Income liable for Income Tax
This query is : Resolved
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. ?
Is it liable for income tax. ?
17 August 2010
IF IT IS NON REFUNDABLE THEN IT IS TAXABLE IN THE YEAR IN WHICH THE MEMBER ENROLLED.
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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.
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.
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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17 August 2010
ITS MY PLEASURE.
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