Income tax on co op society
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 February 2016
Dear Sir,
I am a member of Co op Hsg society, our society is having rent from hording Rs.962000/- p. a. plus membership of Rs. 250000. Hording company deducting tds @ 10% i.e. Rs. 96200/-.
Our Auditor is Booked tds Receivable as Expenditure.
Please any one guide whether we can claim the refund for this TDS Receivable instead of Booking it as Expenditure.
Thanks in advance
I am a member of Co op Hsg society, our society is having rent from hording Rs.962000/- p. a. plus membership of Rs. 250000. Hording company deducting tds @ 10% i.e. Rs. 96200/-.
Our Auditor is Booked tds Receivable as Expenditure.
Please any one guide whether we can claim the refund for this TDS Receivable instead of Booking it as Expenditure.
Thanks in advance
18 February 2016
Can seek refund by filing income tax return.
Amol S Joglekar
(Expert)
18 February 2016
The income from rent of the hoarding is taxable in the hands of Housing Society. While filing the income tax return, the credit for the TDS of 96200 can be availed.
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