Applicable itr?

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Querist : Anonymous

Querist : Anonymous (Querist)

26 July 2013 Which ITR is applicable to APARTMENT OWENERS ASSOCIATION (having 50 flats)? Whether interest income from bank alone can be shown as income from other sources and pay tax?
or the details of income and expenditure account and Balance Sheet also to be filed?
Pls reply

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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26 July 2013 is it reg as AOP or Co-op Society?

Querist : Anonymous

Querist : Anonymous (Querist)

27 July 2013 Not Co-op society. Its a apartment residents welfare association registered under societies act and has PAN.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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27 July 2013 You should file itr - 5.

refer this link :

https://www.caclubindia.com/forum/details.asp?mod_id=256729

Querist : Anonymous

Querist : Anonymous (Querist)

27 July 2013 Thank you for your valuable reply. The other thing that i want to know is whether it is necessary to give the income and expenditure account also in ITR 5?

Ganeshbabu K

Ganeshbabu K (Expert)
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28 July 2013 1)No need to file income tax return for apartment owners association...so far as principle of mutuality is maintained.

2)yes..apartment owners association was formed for the benefit of members of flats and for accommodating some facilities in apartment and managing for that only...it is not a taxable entity so far as principle of mutuality is concerned.

3)And i hope interest of bank not exceeded basic exemption limit..so no question of filing will arise.

4)however you need to file your income and expenditure account and receipts and payments account and state of affairs along with audit report of CA with registrar of societies must....

5)i think duedate will be 15 days from the date of AGM ..i am not sure on this please do confirm

Thanks & regards
Ganesh babu k

Querist : Anonymous

Querist : Anonymous (Querist)

29 July 2013 Thank u Mr.Ganeshbabu. But the interest income from fund deposited with the bank EXCEEDS the basic exemption limit. Also TDS done by the bank @ 20% initially before submitting PAN. NOW THE SOCIETY MUST FILE THE RETURN OF INCOME. MY QUESTION IS WHETHER IT IS MANDATORY TO PROVIDE INCOME & EXPENDITURE and BS details in ITR 5 or showing interest income and adjusting the tax against the TDS WOULD DO...?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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29 July 2013 yes it mandatory to provide all the details like bal sheet and income and exp a/c in itr.

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Ganeshbabu K

Ganeshbabu K (Expert)
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29 July 2013 you have to show income and expenditure and balance sheet ...

and your AOP will be taxable entity so mandatory to file return and need to pay tax if surplus is there in income and expenditure account

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