Income tax on aop
This query is : Resolved
02 March 2014
I am an accountant of Aop,which has only membership fee as income no any other, Membership annual fee is Rs 1000/- for 250 member, guide me how to calculate Income tax. Note in member Individual, proprietor, partner and company include.It is a group of shopkeeper and wholesaler, AOP is Registered but not an NGO as AOP , subscription received every year.
02 March 2014
You have not stated the purpose of AOP and if the membership is given every year then you should register as an NGO and after deduction of the expenses the balance is to be taxed at normal rate as applicable.
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