Section 80p of it ac
This query is : Resolved
22 November 2011
Hello,
Please guide me whether profit earned on constrction activity by a co-operative housing society ( construction for allotment and finance of loan to the members of the society) will be taxable or not to the society ? deduction u/s 80P is alowed for such profit.?
THANKS IN ADVANCE.
Hello,
Please guide me whether profit earned on constrction activity by a co-operative housing society ( construction for allotment and finance of loan to the members of the society) will be taxable or not to the society ? deduction u/s 80P is alowed for such profit.?
THANKS IN ADVANCE.
22 November 2011
A Co-operative society qualifies for a general deduction of Rs. 50,000 under section 80 P (2) (c) against any business income.
The income tax slab for societies is as follows:
Income up to Rs. 10,000 10 %
Income up to Rs. 20,000 20 %
Above Rs. 20,000/- 30 %
The applicable Education and Higher Education Cess would have to be added to this.
The income tax slab for societies is as follows:
Income up to Rs. 10,000 10 %
Income up to Rs. 20,000 20 %
Above Rs. 20,000/- 30 %
The applicable Education and Higher Education Cess would have to be added to this.
23 November 2011
Thanks mam.
13 September 2012
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MY ATTEMPT IS IN NOV, 2014
MY ATTEMPT IS IN NOV, 2014
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