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SAMABAY SAMITI ACCOUNTING
How to file incometax return for samabai samiti? And what is the procedure to accounting such samabay samiti?
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A Samabay Samiti must maintain its books using double-entry bookkeeping, allocate statutory reserves (usually 25%), and prepare standard final accounts. For income tax, it must file ITR-5 and can significantly lower its tax liability by claiming deductions under Section 80P for activities conducted exclusively with its members.
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