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Taability of welfare association

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Querist : Anonymous

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Querist : Anonymous (Querist)
07 July 2012 Sir, one my client is Flat owners association, regd society, got PAN for submitting the same to bank while making the fixed deposit. pl clarify whether its income is taxable, it has Rs80000/- ecess of income over expenditure (including the accrued interest on FD, for the year 31.03.12.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
08 July 2012 In my view, the Surplus generated through mutual contributions remained unspent, is not taxable. However, Interest on FDR is taxable.
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