"INVEST (Indian Value Engineering Society) established in 1977 is in the pursuit of dissemination of cost improvement methodology through Value Engineering (VE). This society organizes Conferences / VE workshops, Technical Sessions and other interactive VE review meetings. This society is operating from 4 zones namely East, West, North & South. It has also a national head quarter at New Delhi. INVEST as a whole has more than 2000 individual members (200 life members), about 30 corporate members and few student members.
The society has income in the form of membership fees, delegate fees during conferences and participation fees through workshops. In addition it also receives sponsorship from corporate members during the conferences. The society has also fixed deposits in Bank from due interests are being received. Expenditure like payment to faculty, organizing conferences/workshops etc."
Request you to kindly advice the tax implication for this society under Income Tax rule.
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Tax on society
Replies (1)
Income tax slab for society is given below:
Income less than Rs. 10,000 = 10%
Income more than Rs. 10,000 but less than Rs. 20,000 = 20%
Income more than Rs. 20,000 = 30%
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