Txation of society reg under society reg act 1860
This query is : Open
03 January 2014
a society is registered under society reg act 1860. whether its income is exempt u/s 167B of i.t act. if not whether it can claim basic exemption limit of individual. i.e. rs 200000/-
03 January 2014
Society id governed by the provisions of Section 80P and the deduction are specified in that section. Kindly go through the same.
04 January 2014
it is not a co operative society. 8op covers only coperative society.
04 January 2014
Yes refer sec 110 and Part3 of first schedule to Finance act 2012 or 2013 wherein the tax rates have been given slab wise and it is also applicable for co-op society as it is applicable for individual.
07 January 2014
it is only a society slab rates are for co-operative society
07 January 2014
tel me under income tax ur society is registered as which type of " person" ? like Artificial Jurisidical person or wat/
13 January 2014
it is a society registered under soc. reg. act 1860. in income tax it is registered as AOP. shares of member are indeterminant, from this point of view max slab rate is applicable but as per sec 167B society registered under soc. reg. act 1860 is not covered there.
pls help
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