Itr for apartemnt owners' association

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sathyam (Querist)
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24 July 2014 Dear Expert,
apartment owner association has been registered with income tax website as AOP and return filed showing bank interest income and other income in itr V. indivudual slab rate applied and refund claimed. I did not give income & expenditure and balance sheet details in itr V. If it is to be shown then where and how the surplus in income and expenditure account due to excess collection of maintenance chages to be shown....? This is not income but excess collection of maintenance charges.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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24 July 2014 u need to file itr 1 only in this case.............

sathyam

sathyam (Querist)
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24 July 2014 itr 1 is for salaried class. please reply after understanding my query clearly

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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24 July 2014 pls read my suggestion carefully u need to file itr-1 which is also applicable to aop u can read the instruction to file itr1 and u dont need to show all wat u asked.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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24 July 2014 ITR-5 is the appropriate form. Excess collection over maintenance charges shall be shown in schedule E1 ,clause 6 of the said form with a narration 'surplus from mutual activity not forming part of total income'.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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26 July 2014 dear Sathyam please follow as warrier sir suggested.

Deat Tushar, kindly refer to the instructions for ITR1 http://law.incometaxindia.gov.in/DITTaxmann/IncomeTaxRules/PDF/AY2014-2015/Instruction_ITR_1_Sahaj.pdf

The title of the Form itself is "Individual Income-tax Return"

Further, refer Rule 12 (1)(a) AND 12(1)(e)

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