Regarding income tax return

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 February 2013 one of my client is an educational society reg. under society act

now they have to file their income tax return
they are not reg. in sec.12AA of income tax act
so which itr should be filled what tax rate should be taxed
whether status is AOP in income tax or not
whether they can claim sec. 10(23c)

CA Parul Saxena

CA Parul Saxena (Expert)
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19 February 2013 As the society is not registered under sec.12AA of the income tax act so it can not claim exemption under sec. 10(23C).
Under income tax act an AOP is assessed as individual so tax would be computed as per the applicable slab rates as individual.
ITR-4 is to be filed.

CA GAGAN KHARBANDA

CA GAGAN KHARBANDA (Expert)
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19 February 2013 yes, agreed with expert CA.Parul

Querist : Anonymous

Querist : Anonymous (Querist)

19 February 2013 i discussed that issue with ca they told me if itr5 filed as aop tax rate shall be 30% due to that is an society which have no sharing with their members

CA Parul Saxena

CA Parul Saxena (Expert)
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19 February 2013 Yes your CA is correct i committed mistake....itr-5 is to be filled but individual slab rates are applicable to an AOP....

Querist : Anonymous

Querist : Anonymous (Querist)

19 February 2013 what will be their tax on income of Rs.600000

Querist : Anonymous

Querist : Anonymous (Querist)

19 February 2013 my point is same because aop shall be taxed on 180000 slab but a society as aop in income tax can be taxed on 180000 slab

CA Parul Saxena

CA Parul Saxena (Expert)
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19 February 2013 Upto Rs.200000......................Nil
200000-500000.......10%............30000
500000-1000000..20%.(600000-500000)20%=20000
Total tax=30000+20000=50000
(+)Education tax=50000*3%=1500
Total tax payable..=51500

Querist : Anonymous

Querist : Anonymous (Querist)

19 February 2013 sir this slab is applicable only when aop members having sharing between them but in case of society income tax deptt. not accepting individual slab

CA Parul Saxena

CA Parul Saxena (Expert)
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19 February 2013 http://www.charteredclub.com/income-tax-slabs/...refer this page