29 February 2020
Our apartment having 20 flats. The Apartment is running by an owners association. Association has a by laws which is not registered anywhere. Purpose of society to maintain apartment, flat owners are paying Rs.300 monthly for maintenance. Further association is earning FD Interest of Rs. 30000 per annum on which TDS is deducted. 1. The association is only meant for maintenance purpose, not for earning purpose, filling of return is necessary. If necessary what will be the status of association. 2. FD Interest income exempt or not . If Taxable tax of rate on FD Interest income.
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