Taxing of mutual associations
This query is : Resolved
Guest
Guest
(Querist)
31 May 2014
Dear experts,
Should bank FD interest received by mutual associations like clubs be taxed at 30%?
As per circular no 320 of 11/1/1982, CBDT has clarified that where the members are not entitled to any share in the income of AOP, the tax will be payable on the rates ordinarily applicable to such AOPs and not at maximum marginal rates.
Then why do the excel ITR 5 utilities calculate tax @ 30% directly? Kindly comment.
Should bank FD interest received by mutual associations like clubs be taxed at 30%?
As per circular no 320 of 11/1/1982, CBDT has clarified that where the members are not entitled to any share in the income of AOP, the tax will be payable on the rates ordinarily applicable to such AOPs and not at maximum marginal rates.
Then why do the excel ITR 5 utilities calculate tax @ 30% directly? Kindly comment.
Amol S Joglekar
(Expert)
31 May 2014
click on the shares are determinate and known link appropriately and then it will calculate
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