WebJul 25, 2024 · TDS stands for tax deducted at source. As per the Income Tax Act, any company or person making a payment is required to deduct tax at source if the payment exceeds certain threshold limits. Is TDS applicable for Co-operative Housing Societies and Apartment Associations? Yes. Under the Income Tax Act, a Cooperative Housing Society … WebSep 16, 2024 · Principle of mutuality and taxation on cooperative societies. In this issue, ... The New India Cooperative Housing. Society vs. The State of Maharashtra, 2013 (2) MHLJ 666,
Tax on Re-Development of Co-Op Housing Society - TaxGuru
Section 2 (31) of the Income Tax Act defines the entities that are treated as persons, for the purpose of income tax. A person is the basic entity under the income tax laws, which has to comply with various income tax provisions, including filing of return, payment of taxes, deduction of tax at source, etc. The definition … See more Section 80 P of the Income Tax Act, allows certain deductions to cooperative societies, including cooperative housing societies. See more Unlike an individual and HUF, for whom the law provides a basic exemption limit beyond which they are required to file their income tax returns (ITR), there is no such basic exemption limit for cooperative societies. See also: … See more Like the liability to have a PAN, pay advance tax and file its income tax returns, housing societies are also required to deduct tax on certain payments, like salaries to its staff, … See more The tax rates and slabs applicable to housing societies, are different from those of individuals and companies. Since there is no basic exemption, … See more Web8 hours ago · of a cooperative housing unit, or living in a residence which is owned as a life estate. For the purpose of this exemption, any lease for life is deemed a life estate. … good luck charlie christmas episode
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WebMar 29, 2024 · Register a digital mailbox and get your income tax return earlier. Companies that have a digital mailbox receive their income tax return as a PDF file, at least one week earlier t WebOct 23, 2024 · Special tax rates applicable to a Co-operative society: Taxable Income. Tax Rate. Any Income. 22%. The Finance Act, 2024 has inserted a new Section 115BAD in … WebFeb 2, 2024 · A cooperative housing society is a legally-established body or entity owned by its members or residents for common needs. The entity owns and manages properties … good luck charlie christmas hdzer