Taxation of an aop
This query is : Resolved
seema vithlani
(Querist)
08 March 2013
An AOP registered under societies act, 1860,
during 10-11. it had collected membership fees, Advertisement fund & Sponsership for organising events for the benifit of its members.
whether this fund is to be treated as an income of the AOP & liable to tax OR it is to be transfer to the fund & utilise it whenever requires.
Please guide
during 10-11. it had collected membership fees, Advertisement fund & Sponsership for organising events for the benifit of its members.
whether this fund is to be treated as an income of the AOP & liable to tax OR it is to be transfer to the fund & utilise it whenever requires.
Please guide
Guest
Guest
(Expert)
08 March 2013
yes, amount recd from members to be treated as fund
and
this fund may be placed as fixed deposit in bank and interest on that will be the income of AOP
and
this fund may be placed as fixed deposit in bank and interest on that will be the income of AOP
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