hi all,
one apartment association paid tax on interest earned on fd income at 30% + 4% surcharge
but they have received notice stating tax rate at @ 42.744% along with interest on this
is rate of tax for apartment association is 30% or 42.744%? income of association on interest income is less than 2 lacs only.
pls advise
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Taxation of apartment association
Replies (2)
Quick Summary
Ma'am, at any instance, the tax rate can't be @ 42.744%. what's the status of ASSOCIATION I. e. AOP, boi, LLP etc. apart from company firm LLP, boi and AOP (subject to certain conditions), for rest of the class of persons, there's no tax liability if total income is less than 2.5lakhs
Thank you for the reply. is the basic exemption limit available only to registered association? association is considered as AOP with 32 flat members
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