Income Tax on Association, Income Tax

[MOHAMED YACOOB SHARIFF]

One LIC Agents association is collecting the subscription for the welfare of agents, and it has bank deposits in bank, for which the bank is deducing the TDS,  the excess of income over receipts shows Rs.55000/- (including the interest from bank of Rs.28500)

Now what is the taxable income?, it has PAN,  

Posts / Replies

[Rama Krishana]

If the principal of mutuality applied in your case, the taxable income is ₹ 28,500/- and if not the taxable income may be ₹ 55,000/- or otherwise as per the computation of income.