Life Membership, Award/IJA/WSJA Fund for specific Purpose are Corpus Donations

Indian Society of Anaesthesiologists Vs ITO (ITAT Chennai) Income Tax Appellate Tribunal (ITAT) Chennai Bench has issued a ruling clarifying the nature of certain receipts by charitable societies, holding that specific funds and life membership fees contribute to a society’s “corpus fund” and are therefore not subject to income tax. The decision, in the case of Indian Society of Anaesthesiologists vs. ITO (ITAT Chennai) for the assessment year 2007-08, provides guidance for organizations registered under Section 12AA of the Income-tax Act, 1961. The appellant, the Indian Soc...