I am here to ask about the tax implications of my association with regards to its fixed deposits.
The problem is that, We have an association viz. VPA Sangha of a particular caste.... we used to collect membership fees and donations for celebrating periodicals festivals poojas. After all expenses, we deposited the excess money, which has accumulated to around 9 lakhs as of today, in the bank in the Name of Sangha (21 years old) who is not registered under tax. Do we have to file the Income tax return? What are the Penal consequences? What is the Exemption limit?
Jan. 08, 2018