Itr of society
This query is : Resolved
13 January 2015
I had filed an ITR of a small society showing excess of receipts over expenditure of Rs. 5000.
As per IT Act, individual tax rate is applicable on any AOP etc. Thus this amount is under basic exemption limit. But as per intimation u/s 143, department has calculated tax demand on this amount @ 30%. Then I made a rectification request for recomputing the tax. But again they are calculating the same amount. so If anybody can help me how to get it rectified.
As per IT Act, individual tax rate is applicable on any AOP etc. Thus this amount is under basic exemption limit. But as per intimation u/s 143, department has calculated tax demand on this amount @ 30%. Then I made a rectification request for recomputing the tax. But again they are calculating the same amount. so If anybody can help me how to get it rectified.
Amol S Joglekar
(Expert)
13 January 2015
Society does NOT have any basic exemption limit....
Rupesh Jain
(Expert)
13 January 2015
society have no exemption. if your society registered under the income tax act u/s 10B as trust or education society then all income will exempt.
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