We residing in Apartment having 16 Flats and also have PAN Card as AOP. For FY 2013-14, we have income of Rs. 181296 and Expenses of Rs.154422. And For FY excess of income over expenditure was Rs. 26874. This Income includes 1) Interest on FD (TDS Deducted by Bank) 2) Interest on Saving A/c 3) Maintenance Amount 4) Tower Rent Income.
Questions 1) Whether AOP need to filed Income Tax Return? 2) If Yes, Please Guide in Details with Tax Rate and other procedures.
26 September 2015
1 As it is earning taxable income return has to be filed. 2 30% tax rate is applicable if any one of the member of AOP is tax payer. Tax payable on interest income and tower rent.
26 September 2015
AOP needs to file the income tax return. File ITR 5 Download it from income tax web site. after filling the ITR 5, click on calculate tax.
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