Apartment owner's association and itr5

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1. If the Apartment owners association is NOT a cooperative housing society, will interest on FDs in cooperative banks be exempt u/s 80P? I have found such advise on many sites
2. while filing return in ITR 5 of Apartment owners association as AOP, the java utility does not allow slab system. It calculates tax at maximum marginal rate @ 30% even if registered societies are given the slab benefit by circular CBDT Circular : No. 320 [F. No. 131(31)/81-TP(Pt.)], dated 11-1-1982. Any suggestions?

Replies (2)

CA Amit kumar gupta

Practice

54 Points Posted on 25 November 2015

Please tell me about the the status of your organisation as per PAN card alloted?

Unregistered society can not claim the benefit as per Income tax law, so you not eligible to claim interest under sec. 80P.

Java utility is working properly and you can get slab benefit.

Choose the option in Part a-general(2) and exercise option D and choose No and fill option E.

Guest

Posted on 25 November 2015

Thanks for the reply.

I have put "NO" in option D and filled in option E(particulars of members). Ours is a registered society (not a cooperative society). But no slab benegit is given . 30% tax is automatically calculated on the profit of 210000/-

Pan is AABAT****C

Status is AOP