Income of an RWA is exempt from tax based on the concept of mutuality. However, income from non-members such as renting of a space to a shop, collection from non-members for advertising on the notice board is taxable in the hands of the Resident Welfare Association. What is the rate of taxation applicable to RWA. Is is the same as individuals (as per the slab) or a flat rate of 30%.
Regards,
SP
Professional Tax for AY 2007-08 to AY 2012-13 was booked in AY 2012-13, but the same was paid in AY 2013-14 before filing return of income. Whether the same will be disallowed, if yes, in which section it will be disallowed?
Answer nowSir,
How much penlty we have to pay if we have delayed in return TDS.
My client was charging depreciation on building property right from the date of its purchase but it was disallowed by tribunal in one of the assessment year (AY 2007-08) as it was rented property & considered it as Income from house property.
Now I want to write back the whole depreciation which was claimed as business expenditure in the current previous year i.e 31st March 2013, can i directly credit it to profit & loss account?
If yes, is it to be considered separately as exceptional item of normal income?
Kindly support this with relevant section under Income tax act & relevant case law if any.
Thank you.
Hi,
I m pursuing through my 3rd year of articleship and m getting married in my last month of 3 year-articleship period. i wanted to know the format of application to be sent to the institute and also format for NOC from the principal. Can anyone please help me with this. Its really urgent.
Sir,
please solve my doubt that what is treatment of repayment loan form bank or borrowing from outside for the purpose of expansion of business or as like additional capital for business and interest thereon
If directors daughter appointed in a company and she is earning salary for every month whether she is entitled for bonus gratuity ??whether she can be treated as a employees for the purpose of bonus and gratuity??
Answer nowCan an Educational Society give salary to its Director for the services he renders to the society?
Will it be allowable as an expense to the AOP?
Please reply.
what is election procedures for student leaders? please give reply as soon as possible.
Answer now
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