Co-operative service society
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 December 2012
The Co-operative Society is registered as AOP
it provides service to its members for the maintenance of building and in return it receives maintenance charges from members .also it earns income by way of interest on FD . Now, i have referred the section 80P for deduction and also computation of Co-operative society.But i have not found that whether the maintenance income should be treated as business income so as to claim expenses ? and only benefit is of 50,000 limit..? is there reference regarding this kind service society case ,please mention it.
it provides service to its members for the maintenance of building and in return it receives maintenance charges from members .also it earns income by way of interest on FD . Now, i have referred the section 80P for deduction and also computation of Co-operative society.But i have not found that whether the maintenance income should be treated as business income so as to claim expenses ? and only benefit is of 50,000 limit..? is there reference regarding this kind service society case ,please mention it.
CA PARAS BAFNA
(Expert)
31 December 2012
Any surplus generated out of excess maintenance charges collection after meeting the expenditure, is not a taxable income. It is governed by the principle of mutuality.
However, interest on FDR has to be treated as taxable income.
However, interest on FDR has to be treated as taxable income.
05 January 2013
I agree with the expert on the mutuality matter but disagree with him on Interest Income. If interest on FD is from Co-operative Bank then the same is also exempted as per the provisions of Section 80P
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