Colony welfare society having 9 members
This query is : Resolved
08 December 2017
Dear Sir,
one of the our client is colony welfare society , which was registered under society act in the year of 2003 and PAN also allotted category of AOP, in colony having 210 houses each month every house holder paying of Rs.100 per month to society as a water charges , which is a main income to society and expenses to the society is salaries to staff 1 member 12000 per month and other staff salary per month is 3000*12=36000 and power bill is per month 6000 approximately, total income from this activity is NIL, apart from the above, Interest on FD is getting every year 30000/- which Fds are made in PSU bank from accumulated savings of welfare society in the year of 2004, which TDS was deducted by bank@10%, now we are filing ITR AY2016-2017 for getting back of refund TDS deducted by bank, it is taking tax rate of 30%, again client has to pay tax of 6000 more thousand rupees,
please guide me, what is the income tax rate applicable to AOP, directly 30% on income earned or any basic exemption limit is applicable.
Regards,
Srinivasa Reddy B
one of the our client is colony welfare society , which was registered under society act in the year of 2003 and PAN also allotted category of AOP, in colony having 210 houses each month every house holder paying of Rs.100 per month to society as a water charges , which is a main income to society and expenses to the society is salaries to staff 1 member 12000 per month and other staff salary per month is 3000*12=36000 and power bill is per month 6000 approximately, total income from this activity is NIL, apart from the above, Interest on FD is getting every year 30000/- which Fds are made in PSU bank from accumulated savings of welfare society in the year of 2004, which TDS was deducted by bank@10%, now we are filing ITR AY2016-2017 for getting back of refund TDS deducted by bank, it is taking tax rate of 30%, again client has to pay tax of 6000 more thousand rupees,
please guide me, what is the income tax rate applicable to AOP, directly 30% on income earned or any basic exemption limit is applicable.
Regards,
Srinivasa Reddy B
08 December 2017
30% tax rate is applicable if any member of the AOP is having taxable income.
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09 December 2017
thank you seetharaman sir, for immediately reply,in mentioned society out of 9 members none of the members are tax bracket 30%,their income is not taxable for 4 members as per their ITRs( They are all house wives) and 10% category 5 members are there, in this case AOP is taxable 10% or 30% sir.
09 December 2017
In this case AOP is taxable at 10%.
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