We are an apartment Owners Association which are having 80 flat all are residence.
below is the Income and Expenditure detail for the F Y 25 26 Tentatively.
Particular Amount Income from Rent from Hording 7,50,000.00 FD Interest Income 15,000.00 Saving Account Interest 7,000.00 Collection from Member 3,36,000.00 Total Income 11,08,000.00
Expenditure 3,75,000.00
Net Income 7,33,000.00
Company using the hording board pays the rent amount after deducting 10% tds i.e. 75000/-. Expenses are purely related the owners Association wear and tear.
kindly guide what will be the Taxation effect. whether we can claim the tds deducted of Rs. 75000/- or we have to pay additional tax.
CAclubindia
