https://www.taxtmi.com/article/detailed?id=8351 The principle of mutuality excludes from taxable income contributions to and surplus of a common fund controlled for a members' common purpose, provided there is identity between contributors and participators (identity of class suffices) and the surplus is applied for collective benefit. Mutual receipts are non-taxable and related expenses are non-deductible; receipts from non-members or commercial activities are taxable. Mutuality may coexist with charitable claims where activities are confined to members, but commercial ventures or specific taxable services remove mutuality protection. en-us Fri, 01 Feb 2019 06:45:44 +0530 Thu, 31 Jul 2025 14:23:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=8351 The principle of mutuality excludes from taxable income contributions to and surplus of a common fund controlled for a members' common purpose, provided there is identity between contributors and participators (identity of class suffices) and the surplus is applied for collective benefit. Mutual receipts are non-taxable and related expenses are non-deductible; receipts from non-members or commercial activities are taxable. Mutuality may coexist with charitable claims where activities are confined to members, but commercial ventures or specific taxable services remove mutuality protection. Articles Income Tax Fri, 01 Feb 2019 06:45:44 +0530 https://www.taxtmi.com/article/detailed?id=8351