The Resident Welfare Association's only source of income in both years was interest from fixed deposits totaling less than Rs. 8 lacks in both years.
AOP filed an IT return for the AY 2020-21 and 2021-22, paying 30% tax + cess on interest income.
Now received Intimation from the IT department that a 37% surcharge has been imposed on the 30% tax.
Querry?
1. Is interest income exempt from taxation under the Mutuality concept?
2. Charging a 37% Surcharge is valid in law.
3. Filing rectification on the e-fing website will result in a favorable outcome, ie, surcharge waiver?
4. Is there any way to avoid paying the surcharge?
I really anticipate hearing from you.
Menu
*Taxability of the Resident Welfare Association*
Replies (2)
Quick Summary
1. No.
2. Yes. at MMR, when shares of individual member is unknown.
3. Can be, if the assessment of AOP can be rederived.
4. Rectification with respect to known shares of each member.
Refer :: https://wirc-icai.org/wirc-reference-manual/part3/taxation-of-association-of-personsaop-body-of-individuals-boi.html
Recent Topics :
- Capital gains incidence due to bonus shares
- Amendment of Object Clause of Memorandum
- How Can I Request a Refund for an Accidental Airte
- TDS on salary paid in cash
- YEAR END GST ENTRY FOR RCM NOT PAID RS 5000 I.E OU
- Last Date To Fill ITR For Non-Audit Case
- Guidance Required on Filing Fresh Registration und
- IT Return Refund Status AY 2026-27
- Clarification Regarding Income Tax Demand Notice
- Online PAN Download: Check How?
Related Topics :
CAclubindia
