Income tax of co op society
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 February 2013
A housing co op society earns interest income from Scheduled bank which are offered for income tax
Also the society has created sinking fund for repairs of water tank
The said fund is temporarily invested in scheduled bank on which interest of Rs 5 Lakhs is received which is transferred to Sinking Fund account
Expenses incurred on water tank comes to rs 7 LAkhs
Now what will be the tax liability of the society
a) on Interest income of Rs 5 LAkhs
B) or on the income net of expenss i.e. -2 LAkhs i.e. NIL
Also the society has created sinking fund for repairs of water tank
The said fund is temporarily invested in scheduled bank on which interest of Rs 5 Lakhs is received which is transferred to Sinking Fund account
Expenses incurred on water tank comes to rs 7 LAkhs
Now what will be the tax liability of the society
a) on Interest income of Rs 5 LAkhs
B) or on the income net of expenss i.e. -2 LAkhs i.e. NIL
10 February 2013
as far as I can understand,
Interest on Fund received is taxble and will be included in the income of society
however, expenses of rs. 7 lakh for the same year will be allowed as deduction and the loss return is required to be filed.
Interest on Fund received is taxble and will be included in the income of society
however, expenses of rs. 7 lakh for the same year will be allowed as deduction and the loss return is required to be filed.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Should I include march foreign salary received in April in my income for FY 2023-24?
- Tax on capital gains revoked us 54f
- Inventory of finished goods
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Sale of property furniture sale
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Applicability of Ind As to associate of associate
- Refund of AY 22-23
- Disallowance of Section 43B(h) to sez units
- Confusion around Form 26QB fields
- Last year input claim shown in gstr9
- GST Registration Cancellation books of accounts asked by officer
- TDS Deduction Online Learing Platform
- Point (III) 9 of GSTR-9C
- As per our records, find the below outstanding demand(s)* and interest payable u/s 220(2):
- Regarding transaction th. credit card
- HSN Details in IFF/GSTR-1 & in GSTR 9
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
