A co-operative housing society

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VIRAG KACHHIA (Querist)
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13 March 2010 Resp. Sir

Q.1)Whether a housing co-op society has to apply for PAN CARD.. or if it has to fill IT RETURN....WHICH ITR.... pan card to be applied for which category?

Q.2)Whether there has been any complusion for filling income tax return for the co op housing society?

Q.3)whether return to be filled in the name of housing soc? or in the name of Trustee?

waiting for your reply

Yours Faithfully

VIRAG

kiran deshpande

kiran deshpande (Expert)
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14 March 2010 Ans1) The co-op hsg society is supposed to file the reutrn of income by virtue of provisions of Sec.139(1) of the Act if its income is chargeable to tax. As such, it will have to obtain PAN as well. The return form wil be ITR V & the status will be AOP

Ans2) As mentioned, the society needs to file the return if its income is chargeable to tax. As far as hsg society is concerned, the income by way of contributions from the members will be governed by the concept of 'principle of mutuality'[refer Chemsford club vs CIT 243 ITR 89] & will not be charged to tax. It however also implies that any other income will be charged to tax.

Ans3) The return will be in the name of the society to be signed by the principle office bearers such as president or secretary.

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VIRAG KACHHIA

VIRAG KACHHIA (Querist)
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14 March 2010 Thanks Sir

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