Income tax on aop-residents welfare/housing society
This query is : Resolved
08 June 2013
Housing/Resident welfare societies are taXed as AOP.
can any body share their exp./KNOWLEDGE-- on income taxation of an AOP ?.
i know AOP is taxed as an individual only. but it is taxed at the highest rate of tax slab like 30%? ,BECAUSE -i find under IT sec 167 B-if share of members in AOP is indeterminate- then only highest marginal rate of tax is applicable to AOP ie..30%.
so ANY res.welfare society being AOP is also taxed at highest rate of tax slab applicable to individuals.
did any res.welfare society experience this? pl. share how u r fighting the same AND WHAT R YOUR GROUNDS OF DEFENCE if any?or confirm that u already paid tax @30%?
what ITR form no.is filed by Res.Welfare society? ITR4 OR ITR5?
DOES THE ITR FORM NO. MAKE ANY DIFFERENCE?
PL. REPLY .WAITING TO HEAR SOON.
RGRDS AND THNKS,
R.V.RAO mail id - raovr2001@yahoo.com
9849436267 (MOBILE)
can any body share their exp./KNOWLEDGE-- on income taxation of an AOP ?.
i know AOP is taxed as an individual only. but it is taxed at the highest rate of tax slab like 30%? ,BECAUSE -i find under IT sec 167 B-if share of members in AOP is indeterminate- then only highest marginal rate of tax is applicable to AOP ie..30%.
so ANY res.welfare society being AOP is also taxed at highest rate of tax slab applicable to individuals.
did any res.welfare society experience this? pl. share how u r fighting the same AND WHAT R YOUR GROUNDS OF DEFENCE if any?or confirm that u already paid tax @30%?
what ITR form no.is filed by Res.Welfare society? ITR4 OR ITR5?
DOES THE ITR FORM NO. MAKE ANY DIFFERENCE?
PL. REPLY .WAITING TO HEAR SOON.
RGRDS AND THNKS,
R.V.RAO mail id - raovr2001@yahoo.com
9849436267 (MOBILE)
10 January 2014
i find the solution after online FILing of a rectification return (sec 154) of the AOP IN ITR V .
at the end of ITR V, we showed that the AOP members share in aop is fixed.say 20% each for each of the 5 members of the aop.
so, the assessment was then completed applying IT rates of individuals(but not at max.marginal rate as done earlier).this should help any apartment /flats societies to file their ITR V accordingly
at the end of ITR V, we showed that the AOP members share in aop is fixed.say 20% each for each of the 5 members of the aop.
so, the assessment was then completed applying IT rates of individuals(but not at max.marginal rate as done earlier).this should help any apartment /flats societies to file their ITR V accordingly
Message likes :
2 times
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
- TDS 194-T applicability
- Fixe term employment
- Is any professional CA is here please reply
- GST ITC REVERSE
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Section 50-fixed asset-->building ceases to exist
- Consolidated financials
- Gift Received from nonblood relative
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Reprocessing of rectification order AY 2025-26
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
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
