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Category : TAXATION..,
We are resident welfare society of 24 flats (registered)

We collect maintenance charges from each flat every month to provide the basic common services like Lift,Generator, security and cleaning etc.

We have some Fixed Deposits in a commercial bank on which we earn around Rs.1 lac per annum as in.....
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Amlan Dutta
Resident welfare association in other words also called as Apartments owners association can be categorised as Association of person(AOP) person identity. For AOP/BOI person, the principle guiding taxation revolves around concept of Mutuality i.e if the contributors of the fund and the beneficiaries...
Amlan Dutta
Please find pointwise replies to your query as follows

1. What is our profit . In my view whatever interest we earn as bank interest (Rs. 1 Lac) should be our profit.

Answer 1.) Interest income from bank and income from non members will add to your income
(Check detailed note below ).....

2. Suppose ...