Regarding income tax slab of apartment owners association
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 December 2014
Dear Expert,
I have a querry. My assessee is a apartment owners association registered under societies act. They have invested excess amount in fds in nationalised banks and earning interest. Is this interest is taxable. What is the slab rate. Is it the same as co-op society or aop as individual(exempt upto 2.5 lacs) please clarify
I have a querry. My assessee is a apartment owners association registered under societies act. They have invested excess amount in fds in nationalised banks and earning interest. Is this interest is taxable. What is the slab rate. Is it the same as co-op society or aop as individual(exempt upto 2.5 lacs) please clarify
CA PARAS BAFNA
(Expert)
28 December 2014
Yes, interest on FDR with nationalised banks is taxable. A Cooperative society is chargeable to tax as per rates prescribed under paragraph B of Part 1 of the first schedule to the annual Finance Act.
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CA Kumar Mukesh
(Expert)
28 December 2014
The rate of Cooperative Society is
upto 0-10000 10%
upto 10001-20000 20%
more than 20000 30%
upto 0-10000 10%
upto 10001-20000 20%
more than 20000 30%
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