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Income tax exemption for societies

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Querist : Anonymous

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Querist : Anonymous (Querist)
16 December 2013 Hi Dear

What will be the recource if the society has been registered under society registration act, 1860 in Haryana and no application for registration under sec 12A has been filed within 1 year of registration despite the income is below the minimum taxable income exempt limit

Will be all income above Rs 2 lac will become taxable for all the future years.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
16 December 2013 Yes, the income exceeding Rs 2.00 lac will be taxable.
If it does not apply for registration.
.
However, Your society can apply for Registration U/s 12A(1)(aa).
.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
16 December 2013 no. you can apply for 12A registration even after the lapse of 1 year. please go ahead and immediately apply for the registration.
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Querist : Anonymous

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Querist : Anonymous (Querist)
21 December 2013 Thanks nilkh and paras for the reply regards
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