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- All societies are to have PAN and TAN
Service tax is to be deducted for Security,lift garden AMC and deposited monthly before 5th of following month.
Interest earned from any investment made in Co-operative Banks qualifies for deduction 100% under section 80P(d). Interest earned from other investment is taxable.
you invest in FD at say Canara bank instead of COOP bank.
TDS will be deducted and you will have to file returns.
As matter of fact builders are expected to charge service tax when they collect contributions for managing the flats till the time society is formed.
There is something known as "mutuality" which excludes tax,but most of the incomes -rent from ads,towers, etc are taxable.CHS is expected to file IT returns and quarterly TDS returns.
Certificate of TDS deduction is to be given to all from whom TDS is deducted.
ITR5 is to be used for filing IT return.
Professional tax is to be deducted for payment of salary to Manager.
As per the provisions of the Income-tax Act, Co-operative Societies are treated as an association of persons and are supposed to file the Income Tax returns if this income is in excess of Rs.20,000/.
Anyway I have at random listed out what I remember, but there are many more things to be and records to be maintained which can be found out by fixing up a good CA for the society.CommentQuote0Flag