Society
This query is : Resolved
01 July 2009
Dear friends,
Please share your valuable opinion on the follwing issue:
An Apartment Owners Association is registered under the Karnataka Society Act. The Corpus of the Society was invested in Bank Fixed Deposit. The bank had paid interest on fixed deposits. As per my view, this interest is taxable under the income tax act. Since there is a mutuality concept, the other income like subscription etc is not chargiable to tax.
Whether my view is correct ?
Please share your valuable opinion on the follwing issue:
An Apartment Owners Association is registered under the Karnataka Society Act. The Corpus of the Society was invested in Bank Fixed Deposit. The bank had paid interest on fixed deposits. As per my view, this interest is taxable under the income tax act. Since there is a mutuality concept, the other income like subscription etc is not chargiable to tax.
Whether my view is correct ?
01 July 2009
Hi,
The interest on bank FDR is chargeable to tax. The other sums like annual membership fees, subscriptions, donations, are also chargeable to tax. The association is an independent assessee seprate from its members.
The interest on bank FDR is chargeable to tax. The other sums like annual membership fees, subscriptions, donations, are also chargeable to tax. The association is an independent assessee seprate from its members.
Message likes :
1 times
03 July 2009
Dear Rathan Sharma,
Please understand my query. Under the principle of mutuality, the apartment owners association is not taxable for the subscription etc.(like clubs)
I request you if you do not know, kindly do not give any advise.
This may hurt your feelings. I am very sorry.
Please understand my query. Under the principle of mutuality, the apartment owners association is not taxable for the subscription etc.(like clubs)
I request you if you do not know, kindly do not give any advise.
This may hurt your feelings. I am very sorry.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Tds on building rent monthly
- RCM INVOICING FROM NOV-2024
- GST Regis.
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- COP Surrender 2024
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
