banner_ad

Non taxable income

This query is : Resolved 
Profile Image

Profile Image

(Querist)
02 July 2013 Dear all,

Our client is a resident association. Their income is not taxable on the basis of principle of mutuality. But in the last year they offered income for tax. Now department issued a notice to pay higher tax. can they apply for exemption based on the principle of mutuality. How we can claim this while filing returns..

thanks and regards...
Profile Image

CA PARAS BAFNA

Profile Image

CA PARAS BAFNA (Expert)
02 July 2013 If any surplus is remaining after meeting the expenses out of the mutual receipts, it has to be explained on the basis of the principle of mutuality. Interest income earned from the FDRs or deposits made out of such surplus money is taxable.
.
While filing the return only Income from Other Sources has to be shown.
.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
22 May 2026
Sr. Financial Analyst - Consolidation

Search Synergy

Mumbai

CA

View Details
Company
01 June 2026
Audit, Taxation & Compliance Executive

R P S K & Associates

Nashik

CA Inter

View Details
Company
ARTICLESHIP 15 May 2026
Audit Assistant / Article Trainee / Intern

SSGS and Associates

Chennai

CA Inter

View Details
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details
Company
14 May 2026
Senior Accounts Executive

Karan Gupta & Co.

New Delhi

Graduate (Any)

View Details
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
11 May 2026
Post office

Post office

Anakapalle

Others

View Details