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Taxation of a society

This query is : Resolved 
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(Querist)
12 March 2014 An Association is registered under Society Registration Act, 1860.

The object clause of the Association runs thus:

A. To serve a common platform for all post-graduate college in the state for development in respective higher education.

B. The income derived in whatever way shall be utilized for promoting the above objectives of the Association and shall not be distributed among the members of the Association or any body as dividend

My query is:

How the Association would be taxed. Is there any exemption in this regard. How the exemption is to be claimed
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
12 March 2014 under income tax dept how it is registered as AOP or trust etc?
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Heera Nahariya

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Heera Nahariya (Querist)
12 March 2014 not yet registered.

Which section is beneficially applicable section 10(23C) or Section 11 & 12.
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CA Nikhil Bhansali

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CA Nikhil Bhansali (Expert)
13 March 2014 There is no exemption in this regard, as per Apex court decision and there are the provision of taxation in Income Tax Act
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