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Taxable income for AOP
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)
Taxable income will be 3.5L + 6.5L = 10L (less) deductions
3.5L including 6.5L of FD INT LESS expenditure net 3.5L
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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