https://www.taxtmi.com/acts?id=51581 Where a specified association's receipts from members fall short of expenditure incurred solely to protect or advance members' common interest, that shortfall is deductible from the association's income under the head Profits and gains of business or profession; member subscriptions are included but remuneration for specific services is excluded; expenditures deductible elsewhere and capital expenditure are excluded; carry forward and set off rules apply first; and the deduction is subject to an overall statutory cap on allowable reduction of total income. en-us Wed, 13 Aug 2025 18:55:31 +0530 Mon, 25 Aug 2025 14:11:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=51581 Where a specified association's receipts from members fall short of expenditure incurred solely to protect or advance members' common interest, that shortfall is deductible from the association's income under the head Profits and gains of business or profession; member subscriptions are included but remuneration for specific services is excluded; expenditures deductible elsewhere and capital expenditure are excluded; carry forward and set off rules apply first; and the deduction is subject to an overall statutory cap on allowable reduction of total income. Act-Rules Income Tax Wed, 13 Aug 2025 18:55:31 +0530 https://www.taxtmi.com/acts?id=51581