U/s 12a
This query is : Resolved
28 May 2018
IF ANY REGISTERED ADVOCATE ASSOCIATION IS CONTINUOUS WORKING UNDER REGISTERED BI-LAUDGE AND NOT REGISTERED UNDER SECTION 12-A OF I.T.ACT 1961. ADVOCATE ASSOCIATION IS GAINING RECEIPT FROM A NUMBER OF ADVOCATES MEMBERS,INTEREST ON F.D.R,SHOP RENT ETC. WHETHER WHOLE RECEIPT SHALL TAXABLE OR PARTIAL INCOME SHALL TAXABLE. BANK IS DEDUCTING T.D.S ON INTEREST REGULARLY AND ADVOCATE ASSOCIATION IS NOT FILLING RETURN, BUT WANTS TO FILE RETURN FOR A/Y 2018-19. PLEASE SUGGEST ME WITH ACT, INCOME SHALL TAXABLE OR RECEIPT SHALL TAXABLE.
28 May 2018
Alok in absence of 12A, cannot claim exemption from tax on donations. You will have to offer tax on the net surplus.
29 May 2018
If receipts from Advocates is periodical membership fee and it is utilized for the
objects of the association, then that receipt can be claimed as exempted following
'mutuality concept', but rent and FD interest is taxable under the head 'income
from house property' and 'income from other sources' respectively.
objects of the association, then that receipt can be claimed as exempted following
'mutuality concept', but rent and FD interest is taxable under the head 'income
from house property' and 'income from other sources' respectively.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITR 2 Short Term gain & Long term gain
- Off Market debit and credit transaction
- Itr 1 processing
- Reporting Income under Section 44ADA
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- ITR returnFY25-26
- Short Term Capital gain on shares bought and sold after 2018 onwards
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Bank Accounts in Balance Sheet for ITR 3
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
