I have to file Income Tax Return of Officer's Club. Income/Receipts of this club is as under -
1. Annual Maintenance Charges collected from Members
2. Membership Fees collected from Members
3. Savings Bank Interest
4. Gathering Fees collected from Members / Non Member Guests
Now my query is whether Item No. 3 & 4 is taxable subject to expenditure incurred for gathering or exempt under the concept of mutuality.
Club is Registered under Societies Act, 1860, however not registered u/s. 12AA of the I. T. Act, 1961.
Return of Income to be filed using ITR 5 or ITR 7?
CAclubindia
