Taxation of flat owners association
This query is : Open
28 May 2013
suppose the flat owners association is having excess of income over expenditure and interest on fdr how to show these items in the it return? which form is to be used? if the income is exempted under what section it is to be claimed
vsk
vsk
28 May 2013
1) status of the association is 'body of individuals'.
ii) excess of income is taxable since income generating activity will not come with in the ambit of 'concept of mutuality'.
iii) interest on FDR is also taxable.
iv) ITR-5 is the appropriate form.
ii) excess of income is taxable since income generating activity will not come with in the ambit of 'concept of mutuality'.
iii) interest on FDR is also taxable.
iv) ITR-5 is the appropriate form.
01 June 2013
the association is registered as society. then if there is any change in the tax position. can the association (society) go for 12 A exemption
01 June 2013
i) Taxed at the graded rates applicable to 'individuals'. Please see part 1 paragraph A (1) for the tax rates.)
ii) 12A registration will not get generally.
ii) 12A registration will not get generally.
01 June 2013
what is the applicable itr and what is the basis for applying individual tax rates
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