remuneration withdrawn from Socities

dharmeshyogi (Querist) 12 July 2010 This query is : Resolved
Respected Sir,
With due respect i wish to know that a society (society registered under MP registrar of societies and firms) members can withdrawn amount as a remuneration from the society. society being an private unaided educational institute. Is that possible. please make your conclusion if possible by referring any particular section of the act applicable on the society mentioned here above.

Thanking you in anticipation.

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A V Vishal (Expert) 12 July 2010
Members can draw remuneration in their individual capacity for having rendered professional services. However, it is merely because it is a convention to pay honoraniums then such expenditure can be disallowed under Income Tax Act.

DEFENSE ADVOCATE.-firmaction@g (Expert) 14 July 2010
As you do not use public money so no body is bothered what you do.

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