(2)For the purposes of sub-section (1),––(a)"specified association" means any trade, professional or similar association, not covered in Schedule III (Table: Sl. No. 24), whose income or its part is not distributed to its members (other than as grants to any associations or institutions affiliated to it);(b)the amount received by the specified association from its members shall include amount by way of subscription or otherwise, and shall not include any remuneration received by the association for rendering any specific services to such members;(c)expenditure incurred by specified association shall not include––(i)expenditure deductible under any other provision of this Act; and(ii)any capital expenditure.
