Amount Received From its members - How to test the mutuality before levying Income Tax on Transfer Fees Received From the members by the Co-operative Housing Society

Amount Received From its members - How to test the mutuality before levying Income Tax on Transfer Fees Received From the members by the Co-operative Housing Society https://www.taxtmi.com/news?id=948 The mutuality principle excludes from taxable income receipts that arise from non commercial activities directed to an identifiable member class where funds are applied for member maintenance and benefits and surplus distribution is restricted by bye laws and statute; receipts from non members at the time of payment fail this test. en-us Wed, 22 Jul 2009 09:24:22 +0530 Wed, 22 Jul 2009 09:24:22 +0530 TaxTMI RSS Generator Amount Received From its members - How to test the mutuality before levying Income Tax on Transfer Fees Received From the members by the Co-operative Housing Society https://www.taxtmi.com/news?id=948 The mutuality principle excludes from taxable income receipts that arise from non commercial activities directed to an identifiable member class where funds are applied for member maintenance and benefits and surplus distribution is restricted by bye laws and statute; receipts from non members at the time of payment fail this test. News - Wed, 22 Jul 2009 09:24:22 +0530 https://www.taxtmi.com/news?id=948