CHS Taxation
This query is : Resolved
10 October 2022
XYZ Co-op Housing Society
Income:
Collection from Members = 20,00,000
Bank Interest on FD from Co-op Bank = 5,00,000
Misc Income = 1,00,000
Total = 26,00,000
Expenses:
Repairs & Maintenance of Society = 28,50,000
Deficit = 2,50,000
While filing Income Tax Return:
A)
PGBP = 20,00,000-28,50,000 = -8,50,000
IFOS = 5,00,000 + 1,00,000 = 6,00,000
GTI = Nil
Carry forward of loss = 2,50,000
B)
PGBP = -8,50,000
Less : Exempt Loss = 8,50,000 (Concept of Mutuality)
Net PGBP = Nil
IFOS = 5,00,000 + 1,00,000 = 6,00,000
Gross Total Income = 6,00,000
Dedn U/C VIA (80P) = 5,00,000
Total Income = 1,00,000
Which computation is correct A or B ?
Income:
Collection from Members = 20,00,000
Bank Interest on FD from Co-op Bank = 5,00,000
Misc Income = 1,00,000
Total = 26,00,000
Expenses:
Repairs & Maintenance of Society = 28,50,000
Deficit = 2,50,000
While filing Income Tax Return:
A)
PGBP = 20,00,000-28,50,000 = -8,50,000
IFOS = 5,00,000 + 1,00,000 = 6,00,000
GTI = Nil
Carry forward of loss = 2,50,000
B)
PGBP = -8,50,000
Less : Exempt Loss = 8,50,000 (Concept of Mutuality)
Net PGBP = Nil
IFOS = 5,00,000 + 1,00,000 = 6,00,000
Gross Total Income = 6,00,000
Dedn U/C VIA (80P) = 5,00,000
Total Income = 1,00,000
Which computation is correct A or B ?
10 October 2022
Computation B is the right one.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Difference between Date of Payment and Date of Deduction?
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- ITDS U/S.194T of Firm
- Unregistered suppliers utility
- Non-Compliance documents have not been submitted by the contractors debited
- EXPORT COMMERCIAL INVOICE HSN CODE
- Cash balance limit and property purchases limit
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- Journal entry of busniess expenses
- FCRA 6 E- Intimation
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
