what income to show of an association of owners of a commercial complex. Money received from members as monthly contributions have been used for maintenance. No income as such than minimal sb interest. which return to use plz advice
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This discussion addresses how an Association of Owners (AOP) for a commercial complex should report its income for tax purposes. The primary income source is monthly contributions from members used for maintenance, with minimal bank interest also earned. Advice is sought on which income to declare and the most suitable tax return form (ITR 5 is suggested).