Income Tax Return RWA
This query is : Resolved
27 December 2024
We are a Residents' Welfare Association (RWA) comprising 70 independent kothis. Our financial records for FY 2023-24 show receipts of ₹638,243 and expenses of ₹580,664.
Are we required to file an income tax return ?
Are we required to file an income tax return ?
27 December 2024
Yes...
27 December 2024
Could you please explain the reason for filing a return? there is no concept of a basic exemption limit in the case of a Resident Welfare Association (RWA)?
27 December 2024
Even if an association does not have taxable income due to deduction available, but as the gross receipts are above the basic exemption limit; it is necessary for the RWA to prove this, which is possible only with a Income Tax return filing.
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