Notice u/s 133(6)
This query is : Resolved
21 November 2013
Is income (int from members & Int on deposit of reserve fund with PDCC bank ) of employees. co-op society taxable?
IT dept has send notice u/s 133(6), stating that, in you have earned int of Rs 50000/- from PDCC Bank, what's to do.
22 November 2013
Dear Kishore,
133(6) is not an issue of taxability. the taxability shall depend on your tax status (covered under section 11 or not). 133(6) notices are issued to check, verify, cross-check certain facts which may or may not have anything to do with your own assessment.
What you need to check is the society's tax status and how such incomes have been reflected in its tax returns. once this is determined, you need to respond to the said notice appropriately.
133(6) is not an issue of taxability. the taxability shall depend on your tax status (covered under section 11 or not). 133(6) notices are issued to check, verify, cross-check certain facts which may or may not have anything to do with your own assessment.
What you need to check is the society's tax status and how such incomes have been reflected in its tax returns. once this is determined, you need to respond to the said notice appropriately.
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