https://www.taxtmi.com/manuals?id=1152 Special deduction applies to a specified association, meaning a trade, professional or similar association whose income is not distributed to members. Receipts from members include subscriptions or similar contributions, but not remuneration for specific services, and expenditure excludes capital expenditure and expenses otherwise deductible under the Act. Any deficiency between member receipts and qualifying expenditure is deductible first against income under the head Profits and gains of business or profession and then against other income, subject to a 50% ceiling and prior adjustment of brought forward losses and unabsorbed allowances. en-us Tue, 15 Sep 2015 11:34:00 +0530 Wed, 06 May 2026 16:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/manuals?id=1152 Special deduction applies to a specified association, meaning a trade, professional or similar association whose income is not distributed to members. Receipts from members include subscriptions or similar contributions, but not remuneration for specific services, and expenditure excludes capital expenditure and expenses otherwise deductible under the Act. Any deficiency between member receipts and qualifying expenditure is deductible first against income under the head Profits and gains of business or profession and then against other income, subject to a 50% ceiling and prior adjustment of brought forward losses and unabsorbed allowances. Manuals Income Tax Tue, 15 Sep 2015 11:34:00 +0530 https://www.taxtmi.com/manuals?id=1152