Income Tax Return – Society
Cooperative Housing Societies are assessed under the Income Tax Act on certain categories of income, even though member contributions towards mutual/common facilities are generally governed by the principle of mutuality.
Cooperative Housing Societies are assessed under the Income Tax Act on certain categories of income, even though member contributions towards mutual/common facilities are generally governed by the principle of mutuality. We prepare and file your society's ITR with the computation handled correctly.
What's included
- Computation of taxable income (non-member income, interest, etc.)
- Preparation and e-filing of the society's Income Tax Return
- Guidance on the principle of mutuality as applicable to your society
- Assistance responding to any income tax notices
Who this service is for
Registered Cooperative Housing Societies required to file an annual income tax return.
Documents typically required
- Society's audited financial statements
- Bank interest certificates
- PAN of the society
Frequently asked questions
Do societies pay tax on maintenance collected from members?
Contributions used for the society's own common facilities are generally covered under the principle of mutuality and not taxed as income, but other receipts (e.g., interest, non-member income) usually are — we'll assess your specific accounts.
What is the due date for a society's ITR?
It generally follows the due date applicable to entities requiring an audit; we'll confirm the exact date for the relevant assessment year and keep your filing on track.
Tell us your situation.
We'll advise you free.
Book a no-obligation consultation and we'll confirm exactly what Income Tax Return – Society involves for your specific situation, along with clear timelines and next steps.