income tax and service tax liability on exhibition/trade fare

It is a commercial activity carried out by a group of people. This adventure shall be assessed as BOI or Body of Individuals and ITR-5 will have to be filed. Expenses incurred shall be deductible to arrive at the profit. The income shall be assessed as per individual tax slab. 

Thanks for your reply.  Our friends had a discussion on this, since we are planning to do this on regularly (yearly once), they want to register this. 

What would be the best option such as society or trust or anything else to register this body as non profit organization. At present our plan is whenever we organize this every year, we are planning to maintain NIL balance (spending the extra money if any to social causes).

Kindly advise us what to do

It is better to keep it as it is instead of creating a trust or a society, and file ITR-5 for BOI every year.

Sir, Thank you very much for your reply.

Supposing if I'm maintaining NIL balance every year, how should I get PAN number & shall we apply for PAN card under the name of our committee, for filing NIL balance returns in ITR-5 for BOI every year.

Also, kindly let us know, whether we are under service tax ambit.

Kind regards.

Originally posted by : Mihir
	It is better to keep it as it is instead of creating a trust or a society, and file ITR-5 for BOI every year.

Dear Mihir,

Thank you very much for your expert opinion. We are in the process of getting PAN number under BOI. Also kindly let us know, whether we are covered under service tax ambit.

Vijila

yes you will be covered under service tax ambit if your total receipt during the year more than 10 LAC.