M.Com
39 Points
Posted on 17 March 2017
Dear Sir, There is no provision for sharing of income of Resident Welfare Association (RWA) to its members. Members contribute annual subscriptttion and after meeting all maitenance charges, other expenditure, rest amount is being kept in the Bank in the from of Savings / FD account. The income of RWA is not being distributed among members and is kept in bank account for future contingencies. We want to file ITR mainly for claiming refund of TDS on FD interest (by Bank). As income of RWA is less than the basic exemption applicable to individuals (Rs.2.50 lacs), can we get out TDS back by filing ITR5. Please clarify. Thanx and regards