Co-op society
This query is : Resolved
28 January 2015
can anyone please let me know the tax provisions applicable to resident's welfare association.
CMA MALHAR BEHERA
(Expert)
28 January 2015
The status of the association must be taken as AOP. Since the objective is not to make profit there would be no income chargeable to tax and hence the association need not filed its return of income. Section 139(1) says that a person other than a company or firm has to file return only if the income has exceeded the maximum amount which is not chargeable to tax.
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