avijit mandal (Chartered Accountant) (26 Points)
25 February 2013Dear friends,
Members of more than 200 flat owners makes a society under societies registration act. Whether the income of the society is subject to income tax? The source of income of society is interest on fixed deposit and the bank has deducted TDS on interest. Whether that interest is taxable for a society?
Avijit Mandal
Akanksha Jain
(Article)
(690 Points)
Replied 25 February 2013
yes.. income is taxable as society falls in the definition of assessee as per income tax act 1961
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