elango.parameswaran
23 December 2014 at 17:40
We have a registered Flat Owners Association. The Builder has returned the Corpus Amount to the Association, which is deposited in the SB Account. Now, our queries are :-
1)Do we have to get PAN compulsorily
2)Do we have to file IT Return
3)Our main income is the maintenance charges
4)If we deposit the Corpus Amount in any scheduled Banks/ Nationalised Banks/ Coop Banks or other NBFCs, whether the interest on such deposit will attract income tax?
5)Whether we are eligible for any exemption on the interest income under IT Act
Taxation of flat owners apartment
We have a registered Flat Owners Association. The Builder has returned the Corpus Amount to the Association, which is deposited in the SB Account. Now, our queries are :-
1)Do we have to get PAN compulsorily
2)Do we have to file IT Return
3)Our main income is the maintenance charges
4)If we deposit the Corpus Amount in any scheduled Banks/ Nationalised Banks/ Coop Banks or other NBFCs, whether the interest on such deposit will attract income tax?
5)Whether we are eligible for any exemption on the interest income under IT Act