Some one kindly detail out the tax liability of an RWA under Income tax Act, Is Interest earned from Bank Interest liable to tax even if it is below minimum taxable amount?
Income/profit from RWAs normal course of activities are exempted, but what about other income including Interest etc.
If Interest is earned from Co-operative bank than it is tax free else it is fully taxable.
Any other earnings by RWA is tax free if principle of mutuality is applicable provided activities are not in the nature of business or profession.
Transfer Fees and Other donation receipts are chargeable to tax for the transfer of property in RWA.
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