Regarding income tax slab of apartment owners association

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Querist : Anonymous

Querist : Anonymous (Querist)

28 December 2014 Dear Expert,
I have a querry. My assessee is a apartment owners association registered under societies act. They have invested excess amount in fds in nationalised banks and earning interest. Is this interest is taxable. What is the slab rate. Is it the same as co-op society or aop as individual(exempt upto 2.5 lacs) please clarify

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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28 December 2014 Yes, interest on FDR with nationalised banks is taxable. A Cooperative society is chargeable to tax as per rates prescribed under paragraph B of Part 1 of the first schedule to the annual Finance Act.

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