Save Rs 499 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

Income taxable or Not

232 views

Save Share

Pratik Surve

Assistant Professor

571 Points Posted on 23 December 2020

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

Replies (4)

Quick Summary

This discussion clarifies whether a surplus from member contributions in a cooperative housing society is considered taxable income. Generally, such surpluses are exempt based on the principle of mutuality, meaning no Income Tax Return needs to be filed if there's no other taxable income. However, it's advised to consult Section 80P(e) of the Income Tax Act for specific details on cooperative society taxation.

queryinsta054@gmail.com

234 Points Posted on 24 December 2020

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

Krishna Chaudhary

Accountant

4533 Points Posted on 24 December 2020

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