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Taxable income for AOP

195 views 3 replies

Manoj Kumar

Accountant

108 Points Posted on 25 August 2018

Apartment owners Association having income over expenditure of Rs.3.5L including FD Interest of Rs.6.5L. whether taxable income is 3.5L or 6.5L pls confirm and also applicable tax slab for the above.

Replies (3)

Ruchika Somani

Coaching and Practice in Tax Audit Law

4429 Points Posted on 25 August 2018

Taxable income will be 3.5L + 6.5L = 10L (less) deductions

Manoj Kumar

Accountant

108 Points Posted on 25 August 2018

3.5L including 6.5L of FD INT LESS expenditure net 3.5L

Ruchika Somani

Coaching and Practice in Tax Audit Law

4429 Points Posted on 25 August 2018

Interest from FD comes in different head i.e income from other source. You cant net it with expense.

So show business loss and Income ffrom other source separately

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