[aurangabad_ca] What is status of resident welfare association?
Dear Sir,
We have a resident welfare association, registered under societies Act.
There are no absolutely no business activity.
The purpose of the society is to share the common expenses of the apartments like cleaning, water purchased, lift and common area lighting, secruty and wards etc.
Also to meet the major maintance undertaken like White washing, bore-well digging and cleaning etc, which may take place say once in 4 / 5 years a sum is collected from members.
This sum collected for future is deposited in Bank as FDRs' and interest is naturally used to meet the common expenses.
1-> What is the status of this Welfare association under IT Act?
2-> Does it have to pay tax on surplus collected to meet the future expenses taxable?
3-> Does the contribution by members and members alone towards sharing the common expenses constitute an income?
Pl give your replies with section, circular and judgements references.
Thanking you.
Sivaraman V
Sivaraman V
Chartered Accountant,
151/ old 68 TTK Road, Alwarpet, CHENNAI 600018.
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AURANGABAD_CA is a Yahoo Group for the benefit of CA and other professional. It is especially meant for written discussion within group members and circulate the information among its members. The mail may contain such research/advice/opinion/information/fact provided by any member or moderator and every contain of the mail or information of yahoo is always subject to the Accuracy and of the description of facts.
The Aurangabad_CA , its moderator/owner do not claim that contains in mail/information obtained after reading as a complete and accurate disclosure of relevant fact(s).
Considering all above facts m the transaction based on above mail may not complete without confirming proper statue/authority/person. Therefore any action/transaction taken on basis of this mail do not imply the accuracy or value . Further this Group's Owner/Moderator/Member are not liable for any damages or costs suffered due to action/transaction based on information on this Yahoo Group.
For Seeking any Clarification you may mail only to Group Moderator on
girishkulk@gmail.com
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