How to calculate taxable income.
1. Society registered 1860
2. Receives Money from shop owner under the head of maintenance charges ( shop at commercial building)
3. Expenses Security Guard, House keeping, electricity bill of common area and building maintenance.
Surpluses will be taxable or exempt?
In case of income tax, tax rate for Coorporative society will be
Taxable income Tax Rate
Up to Rs. 10,000 10%
Rs. 10,000 to Rs. 20,000 20%
Above Rs. 20,000 30%
second under 80P deduction is also available for Rs. 50000/-
Yes, you should make calculation as income-all exp keep in mind more than rs. 10000 exp should not be in cash
Now in case of GST, if your Income is less than 20lacs then you are not eligible for registration
and if you are registered
then also exemption available on Rent rec upto 7500/- per person
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