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society registered under societies registration Act-1860 (Income Tax)

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( Author )
23 September 2008

Dear sir,
please clear the following points.
1.Rent income from properity of society is taxable in income tax act.
2. Interest income on fund in bank account of society is taxable.
if, yes whtat is the tax rate. is any deduction is allowed in house porperity income.
3.whether income of the society is exempted u/s 10(6)(xi)(v)
4.section 11 -income from property held for charitable or religious purpose is applicable for above rent and interest income of society.
5.if above income is taxable how (i) income is computed (ii) what is the tax rate (iii) is any Deduction available


Taxguy

( Expert )
23 September 2008

You are mixing too many things. Teh rate of tax is same for all assessees.

it is 30%+Surcharge and Cess.

Section 11 requires the society to register with IT u/s 12AA.

Interst income taxable, no deduction.

Deduction of Muncipal Tax, 30% of remainder income for repairs and if there is interst for borrowed capital that is also deductible.


kavindra

( Author )
23 September 2008

whether income of the society is exempted u/s 10(6)(xi)(v).
2.society is not yet alloted pan no. and accounts were not audited since last three year.( except 2008.) what y advice for current return for a.y.2008-09.


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