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?
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Income tax return filing
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YOur details are not full and proper. It depends on the status of the council. Whether it is registered u/s 12A of income tax act. and what is the total amount of interest received on bank deposits? What is the nature of membership fees received- Annual or Life membership? If the income exceed the threshhold limit of income tax then yes it is compulsory to file the income tax return.
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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