Taxation of clubs

[Guest]

Income of Clubs and associaitons are excluded based on the mutuality concept. But how to claim the exemption in the ITR / Exempt under which section. Return has to be filed for getting the tds refund.

[DR.MARIAPPAN GOVINDARAJAN]

Exemption is under section 10(23C) of Income Tax Act.

AI Summary

Mutuality principle excludes clubs' income, enabling exemption and tax return claim procedures and recovery of TDS. Income of clubs and associations is excluded based on the mutuality concept. Clubs should claim the statutory exemption under 10(23C) in their income tax return. Filing the return is necessary to support any claim for recovery of tax deducted at source by way of a TDS refund.