10 October 2022
XYZ Co-op Housing Society Income: Collection from Members = 20,00,000 Bank Interest on FD from Co-op Bank = 5,00,000 Misc Income = 1,00,000 Total = 26,00,000
Expenses: Repairs & Maintenance of Society = 28,50,000
Deficit = 2,50,000 While filing Income Tax Return: A) PGBP = 20,00,000-28,50,000 = -8,50,000 IFOS = 5,00,000 + 1,00,000 = 6,00,000 GTI = Nil Carry forward of loss = 2,50,000
B) PGBP = -8,50,000 Less : Exempt Loss = 8,50,000 (Concept of Mutuality) Net PGBP = Nil IFOS = 5,00,000 + 1,00,000 = 6,00,000 Gross Total Income = 6,00,000 Dedn U/C VIA (80P) = 5,00,000 Total Income = 1,00,000 Which computation is correct A or B ?
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