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)
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
CAclubindia
