Section 80p of it ac
This query is : Resolved
CS RAJESH C.CHOUDHARY
(Querist)
22 November 2011
Hello,
Please guide me whether profit earned on constrction activity by a co-operative housing society ( construction for allotment and finance of loan to the members of the society) will be taxable or not to the society ? deduction u/s 80P is alowed for such profit.?
THANKS IN ADVANCE.
Hello,
Please guide me whether profit earned on constrction activity by a co-operative housing society ( construction for allotment and finance of loan to the members of the society) will be taxable or not to the society ? deduction u/s 80P is alowed for such profit.?
THANKS IN ADVANCE.
Gayathri Devi
(Expert)
22 November 2011
A Co-operative society qualifies for a general deduction of Rs. 50,000 under section 80 P (2) (c) against any business income.
The income tax slab for societies is as follows:
Income up to Rs. 10,000 10 %
Income up to Rs. 20,000 20 %
Above Rs. 20,000/- 30 %
The applicable Education and Higher Education Cess would have to be added to this.
The income tax slab for societies is as follows:
Income up to Rs. 10,000 10 %
Income up to Rs. 20,000 20 %
Above Rs. 20,000/- 30 %
The applicable Education and Higher Education Cess would have to be added to this.
CS RAJESH C.CHOUDHARY
(Querist)
23 November 2011
Thanks mam.
CS RAJESH C.CHOUDHARY
(Querist)
13 September 2012
HOW TO PREPARE FOR CA FINAL
MY ATTEMPT IS IN NOV, 2014
MY ATTEMPT IS IN NOV, 2014
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