Special provision for deduction in the case of Trade professional or similar association - (New) Section 50 / (Old) Section 44A

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....ion" means • any trade, • professional or • similar association, • Except • Specified in Schedule III (Table: Sl. No. 24), • whose income or its part is not distributed to its members (other than as grants to any associations or institutions affiliated to it); Income of specified Association The amount re....

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....for the protection or advancement of common interest of its members, then the amount so falling short shall be allowed as deduction the following Order • Firstly - allowed as deduction from the income of such association under the head "Profits and gains of business or profession" and • Thereafter - the remaining amount, if any, shall be allowed deduction from its income ....

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....bution or otherwise (other than amount received from performing specific services) i.e. General receipts from members. Less: Expenditure incurred for the purposes of protection or advancement of interest of members (other than expenditure which is otherwise deductible under the Act and other than capital expenditure), i.e. General expenditure on member If negative - call it defic....