Housing society are subject to income tax?

Tax queries 350 views 1 replies

Dear friends,

 Members of more than 200 flat owners makes a society under societies registration act. Whether the income of the society is subject to income tax? The source of income of society is interest on fixed deposit and the bank has deducted TDS on interest. Whether that interest is taxable for a society?

 

Avijit  Mandal

Replies (1)

yes.. income is taxable as society falls in the definition of assessee as per income tax act 1961


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