Taxability of membership fees received

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Querist : Anonymous

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Querist : Anonymous (Querist)
18 September 2012 our company is entertainment industry, received life time membership fees from person in lacs of ruppes. what to do?
accounting entry and tax-ability of it.
please sir inform me in this regard

18 September 2012 It is Fully Taxable.

Bank Dr.
to Membership fees a/c receipt

If Amt Huge, You Can Bifurgate it in Certain Period of time as depend on management decision.

18 September 2012 Not able to get COMPANY and LIFE MEMBERSHIP Fee.... What sort of life membership is this? I can understand such head in CLUB / SOCIETY /TRUST. Please enlighten how this is done under COMPANY form of organisation. How many shares are allotted? (By the way, I fully uphold the answer by CA Ayush)

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Querist : Anonymous

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Querist : Anonymous (Querist)
18 September 2012 ok sir i understand.


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