Income Tax Return RWA

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Sachin Kumar (Querist)
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27 December 2024 We are a Residents' Welfare Association (RWA) comprising 70 independent kothis. Our financial records for FY 2023-24 show receipts of ₹638,243 and expenses of ₹580,664.
Are we required to file an income tax return ?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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27 December 2024 Yes...

Sachin Kumar

Sachin Kumar (Querist)
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27 December 2024 Could you please explain the reason for filing a return? there is no concept of a basic exemption limit in the case of a Resident Welfare Association (RWA)?

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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27 December 2024 Even if an association does not have taxable income due to deduction available, but as the gross receipts are above the basic exemption limit; it is necessary for the RWA to prove this, which is possible only with a Income Tax return filing.