Resident welfare association income tax filing

AUDIT (FINANCE) (34 Points)

07 August 2019  

Dear sir / Experts

Actually, I have prepared the association accounts for the FY 2018 - 2019.  The association collected only maintaining charges from its members and the total amount collected of Rs.8,70,000/- and the Expenses Rs.1,30,000/- it is excess income over expenditure ( Profit) Rs.7,40,000/-   in  the situation, I am asking the following queries  below:

1.  The Maintaining charges received taxable or not

2. if it is taxable, Tax rate?

3. if it is not taxable, do we want to file the income tax or not?

4. if filing of that which is the ITR applicable

5. And how to showing in the exemption in ITR

Please very urgent,  Thanking you,