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Please note the following corrigendum
to the above circular.
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Deduction U/S 80-L on interest
income of Lodges is not available to an Association
of persons and hence will not be allowable to
the Lodges.
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The tax rate applicable to calculate
tax liability of a Lodge varies according to the
tax rate applicable on the members of the Lodge.
The basic exemption of Rs.50,OOO/- of income from
tax liability may also not be available in most
of the cases and hence Lodges may have to file
its return of income.
The above changes may kindly be noted.
Warm greetings,
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