Taxation of Society regd under Societies Regn. Act 1860
This query is : Resolved
21 September 2009
How the income of a Society (registered under Societies Registration Act 1860 but was rejected to be registered as a trust u/s 12AA of IT Act) would be taxed and in which circle its return to be filed. Ans also what about tax audit if its earning is > 10 lacs ?
21 September 2009
If registration of trust is rejected then it becomes AOP under the income tax act. Depending on the address you have to choose the ito, ward, circle.
22 September 2009
Thank you, but what about the following since for Taxation purposes, AOP does not include a regd. Society (for members share basis)and hence it would be taxed at slab applicable to Individuals:
1.Will it be filed in ITR-7 or 5
2.Will it mean tax is to be paid on Total income > 1.50 lacs, since exemption u/s 11 & 12 not available?
3.If the earnings are > 10 lacs, whether report would be in Form 10B or Tax Audit required in Form 3CD (if at all taken under Professional category)?
4.Accounts would include 'Income & Expenditure A/c' OR 'P&L A/c'?
1.Will it be filed in ITR-7 or 5
2.Will it mean tax is to be paid on Total income > 1.50 lacs, since exemption u/s 11 & 12 not available?
3.If the earnings are > 10 lacs, whether report would be in Form 10B or Tax Audit required in Form 3CD (if at all taken under Professional category)?
4.Accounts would include 'Income & Expenditure A/c' OR 'P&L A/c'?
26 January 2011
It will be filed in ITR 7.Tax will be paid on income exceeding the basic exemption i.e 160000.
If it is a educational institution then exemption u/s 10 upto the receipts of Rs 1 Crore is available
If the Receipts are more than 40 lacs then audit report u/s 44AB is to be attached since it is outside the purview of Section 11.
This society will be taxed as a normal business entity.
If it is a educational institution then exemption u/s 10 upto the receipts of Rs 1 Crore is available
If the Receipts are more than 40 lacs then audit report u/s 44AB is to be attached since it is outside the purview of Section 11.
This society will be taxed as a normal business entity.
21 October 2011
In my knowledge FORM 7 is to be used only for cases referred to in section 139(4A to 4D).
Anuj
Anuj
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Exiting partner in partnership firm in gst portal
- TDS _Long term Capital Gain ref.sec 214 Table 2
- Average Cost Of High Quality Diamonds
- Taxability of credit in canara bank ET & T section (NRO)
- ITR-3 File/Error Found
- Due Date Clarity
- NRI INSURANCE ADVISOR
- Applicability of Books of Account for Commission Income (Sections 194D & 194H)
- Gst on travel by air for business purposes
- Loss of interest in PF transfer from EPFO to Trust
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- TDS offline utility
- TDS on rent received on hardship compensation being rent on redevelopment of building
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
