Dear All
kindly help us to fix this query.
we are co operative housing society and having surplus of member contribution in this FY 2019-20. so question is that excess surplus is Taxable income or not and whether we need to file ITR for the same? please give your valuable response
thanks in advance
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Income taxable or Not
Replies (4)
The surplus member contribution is exempt on basis of mutuality and there is no need to file IT Return in absence of any taxable income
Income of cooperative society is taxable after general deduction of rupees 50000. the tax rate for cooperative society is upto rupees 10000 @ 10%. above 10000 and up to 20000 @ 20%. above 20000 @ 30%. for further detail of taxability of cooperative society you should refer section 80p e of Income tax. if it is difficult for you to file the return of cooperative society ,you can contact me at email address
jaykishanc @ gmail.com
jaykishanc @ gmail.com
If surplus member contribution is exempt then where to show that excees amount in ITR. we don't have any other taxable income
Surplus contribution is exempt and legaly no need to file ITR.
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