https://www.taxtmi.com/acts?id=3585 Associations may deduct the shortfall between member receipts (excluding remuneration for specific services) and qualifying non-capital expenditures for members' common interests as a deficiency, first applied against business/professional income and then against other heads if necessary; carry forward and set off provisions must be given effect first, and the deduction is capped at one-half of the total income. The section applies only where income is not distributed to members except as grants to affiliated bodies, and excludes amounts deductible under other provisions or capital expenditures. en-us Sat, 19 Jan 2008 22:45:54 +0530 Wed, 27 Aug 2025 17:10:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=3585 Associations may deduct the shortfall between member receipts (excluding remuneration for specific services) and qualifying non-capital expenditures for members' common interests as a deficiency, first applied against business/professional income and then against other heads if necessary; carry forward and set off provisions must be given effect first, and the deduction is capped at one-half of the total income. The section applies only where income is not distributed to members except as grants to affiliated bodies, and excludes amounts deductible under other provisions or capital expenditures. Act-Rules Income Tax Sat, 19 Jan 2008 22:45:54 +0530 https://www.taxtmi.com/acts?id=3585