Trade & Professional Association - Income Tax - Ready Reckoner - Income Tax

Trade Professional Association Trade and professional association means an association of traders or professionals for the protection or advancement of their common interest. Any surplus arising to the trade or professional association from general activities i.e., entrance fees, etc. will not be taxable. Therefore, the concerned general expenditure shall also be not allowed as deduction from taxable income. Only the income arising from performing specific services to members is taxable and the expenditure to earn such income is deductible.