income from housing Society members collection is exempt or taxable
if it is exempt under which section (ITR-5)
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AOP members collection is exempt?
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Income of members received from AOP is EXEMPT if AOP paid tax @ MMR (Maximum Marginal Rate)
Otherwise , Income of Member of AOP shall be included in Total Income of members if AOP pays taxes @ Normal Rate. However , members can take benefit of Relief u/s 86 (after calculating surcharge and cess) .
U/s 86 not showing in ITR 5
can i show income credited to P&L account (which is exempt) in BP sheet.
plz suggest..
can i show income credited to P&L account (which is exempt) in BP sheet.
plz suggest..
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