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Maximum marginal tax rate
What type of AOP it is
seperate rates are there .
Income Tax Slabs/ Rates for Co-operative Societies (FY 2018-19/ AY 2019-20)
Total Income (Rs.)Income Tax Slab/ RateUpto 10,000 10% of Total Income
10,001 to 20,000 Rs. 1,000 +20% Total Income Above 20,000 Rs. 3,000 +30%
Surcharge @ 12% in cases where total income exceeds Rs. 1 crore
1. Two types of mutual concerns can be formed for flat members. One is the Resident Welfare Association(RWA) and the other one is Co-operative Housing Society.
2. In the case of RWA, it will be treated as AOP and registration can be done for the same as AOP as per Income tax act. In this case, it will be charged to tax considering basic exemption limit of Rs. 2.5 lakhs and so on and a surcharge of 10 % for income excess of Rs. 50 lakhs and 15% for income in excess of Rs. 1 crore.
3. If the same is registered as Co-operative Housing Society (registration is must fall under this category) then tax will be charged as per co operative society @ 30% in excess of Rs. 20,000 and surcharge @ 12% in excess of Rs.1 crore.
Please correct me if the above solution has an alternative view.
You will need to frame your bye laws, etc. and then apply to the concerned registrar of societies with the requisite documents for registration
Though in ITR status is AOP but sub-status is co-operative society.
And there are seperate income tax slabs for co-operative Society (as per my above reply).
External auditor filed assess as AOI status paid income tax flat 30%.
My view is to claim basic exemption limit of 2.5 lakhs.
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