Whether Income Tax Return is mandatory for a Council of a Professional body whose Income comprises the Membership fees received from its members (ie the professionals) and the Interest Income on the deposit of such amounts in Bank?
CA J.Alamelu lakshmi (Chartered Accountant) (852 Points)
08 August 2016Whether Income Tax Return is mandatory for a Council of a Professional body whose Income comprises the Membership fees received from its members (ie the professionals) and the Interest Income on the deposit of such amounts in Bank?
suresh
(proprietor)
(425 Points)
Replied 08 August 2016
CA J.Alamelu lakshmi
(Chartered Accountant)
(852 Points)
Replied 08 August 2016
They receive Annual membership fees and they have deposit the same in TD's and earn Interest. And the amount of interest exceed the max amount not chargeable to tax.
They are not a Trust regd under 12A. They are more like a body formed to regulate and maintain the various areas of the profession (just like the Indian Medical Association).
Do they come under Sec 10(23A) or 10(23C)?
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