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Taxation of trade union

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Dipti Sharma

36 Points Posted on 22 August 2020

One of my clients want to file income tax return with AOP status, basically its a trade union registered under trade union act. On monthly basis contribution from members are submitted and persons in charge are managing exp based on receipts. They also have bank FD on which they have earn intt and bank deducted TDS. please suggest in which head income would be chargeable and is it exempt under section 10(24) if we show under income from other sources. We have to show on intt of FD income or excess of receipt over payment

Replies (2)

Quick Summary

This discussion explores the tax implications for a trade union filing as an Association of Persons (AOP). It addresses how to declare interest income from bank Fixed Deposits (FDs), including TDS deducted at source, under the 'Income from other sources' head. The query also seeks clarification on potential exemptions under Section 10(24) of the Income Tax Act.

Vijay Prakash

99 Points Posted on 22 August 2020

Interest from FD deposited in Bank may be booked under the head "Income from other sources" in ITR.

Ravi SADhiyan

Practice

3087 Points Posted on 22 August 2020

Originally posted by : Dipti Sharma
	One of my clients want to file income tax return with AOP status, basically its a trade union registered under trade union act. On monthly basis contribution from members are submitted and persons in charge are managing exp based on receipts. They also have bank FD on which they have earn intt and bank deducted TDS. please suggest in which head income would be chargeable and is it exempt under section 10(24) if we show under income from other sources. We have to show on intt of FD income or excess of receipt over payment