Special provision contained in Section 44A for Trade & Professional Association

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....unt received by the association from its members by way of contribution or otherwise (other than amount received from performing specific services). i.e., General receipts from members. * 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 e....

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....The tax rate applicable to a mutual concern shall be the same as applicable to an individual except where the mutual concern is incorporated as a company. * This section applies only to that trade, professional or similar association the income of which or any part thereof is not distributed to its member except as grants to any association or institutions affiliated to it. * If any deficiency....