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/-
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.
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.
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