Feedback   New User   Login      
Tax Management India. Com TMI - Tax Management India. Com
Acts / Rules Notifications Circulars Tariff/ ITC HSN Forms Case Laws Manuals Short Notes Articles SMS News Highlights
        Home        
Extracts
Home List
← Previous Next →

PRINCIPLE OF MUTUALITY / MUTUAL CONCERNS

Income Tax - Tax Liability in special Circumstances / Specific Cases - 08 - BASIC PRINCIPAL OF MUTUALITY The first basic principle of mutuality is that no person can trade with himself or make income out of himself. A mutual association arise when a .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

al development, etc. If, instead of one person, more than one person combine themselves into a distinct and separate legal entity for rendering services to themselves by only charging themselves, the resulting surplus is not chargeable to tax. The pr .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

to distribute the surplus immediately. The participation in the surplus may be by way of reduction in future contributions or division of surplus on dissolution. The fact that the mutual concern is incorporated as a company does not make any differen .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

e income from trading so far as it is confined to own members is also exempt. Where a mutual concern derives income from an activity with an outsider, then tax exemption will not apply to such income, i.e., income received from non-members is taxable .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ncome or property shall be paid or transferred directly or indirectly, by way of dividends, bonus to any member or former member. [CIT v Escorts Dealers Development Association Ltd. (2002) 253 ITR 305 (P & H)] Contributions made by members to mut .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

Discussion Forum
what is new what is new
 


Share:            

|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version