Taxes payable by Cooperative housing society
DIVAKAR PATIL
(Querist) 18 April 2009
This query is : Resolved
Ours is a cooperative housing society located in Pune (Maharashtra) having annual collection from members Rs 11 lakhs apart from interest income Rs 2 lakh and other income Rs 1.3 lakhs. Society has employed 17 persons and annual payment towards salary and perks is about Rs. 7 lakhs. Please guide whether society has to
a. Pay income tax towards interest income and other income?
b. Deduct professional tax from the payment made to employees?
c. deduct TDS from payment made to suppliers/ service providers and professional fees?
Is there any exemption available to cooperative housing societies in any of these taxes
sanjeev murthy desai
(Expert) 18 April 2009
Dear Divakar,
Cooperative society has the obligation to pay the Income tax.
sanjeev desai
DIVAKAR PATIL
(Querist) 18 April 2009
Thanks for the replay. Will U please clarify on deduction of Tax at source and payment of Professional tax also?
