Income tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 December 2016
the group of some persons like about to 40 join together & then decided to contribute 1000/- p.m per person.
a proposal is given that the money will be used to help the members of the group at the time of need at the lower rate of interest 7 said interest will be divided between such members.
they want to do theses through a bank account not by cash, my question is that what will be the taxation of such group & under whom name the bank account will be open.
a proposal is given that the money will be used to help the members of the group at the time of need at the lower rate of interest 7 said interest will be divided between such members.
they want to do theses through a bank account not by cash, my question is that what will be the taxation of such group & under whom name the bank account will be open.
Mukul Giria
(Expert)
21 December 2016
The group will be assessed as Association of persons.
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