We are a resident owners association (AOP). We have maintenance collections of approx 81 lacs and have approx 71 lacs towards expenses. Overall we have excess of income over exp of approx 10lacs. The question is, where do we claim the deduction for this surplus under principle of mutuality while filing ITR. How to we fill ITR5 for this purpose. Thank in advance
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Income tax filing of a resident owners association
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First you fill P&L and BS normally.Then go to "BP" sheet u can claim entire receipts from members under line item amount credited to P&L being exempt.Similarly there is a line item for expenses related to exempt income where you can mention entire expenses related to exempt income debited to P&L. Net result will be zero income from business. Also make sure tax is paid on interest income and commercial income if any by transferring to other headers.
That really helps. Thank a lot
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