Income tax return of welfare society
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 February 2013
Dear experts pl clarify the following, one of the wefare society for lic agents,is holding the PAN, and it is having the deposits in bank on which the interest is earned and TDS is deducted, The accounts for the year shows the net profit of Rs.150000/- including the interest on deposits Rs.45000/-other income being the subscriptions from members.
Now what is the taxable income.
Now what is the taxable income.
12 February 2013
If the society is registered as a charitable society and the income earned has been applied for the objectives of the society, then there is no taxable income.
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