Society Income Tax Return And TDS Return

Filing Annual Income Tax Return of Housing Society

As per Section 2 (31) of the Income Tax Act, Being an association of persons a cooperative housing society has to file Income tax return annually.
As the accounts of the housing society are required to be audited deadline to file Income Tax Return for Housing Society is 30^th September every year.
Income Tax slab for cooperative housing society :

Income	Tax Rate
Up to Rs. 10,000	10%
Rs 10,000 to Rs 20,000	20%
Above Rs 20,000	30%

Following documents are required for filing Income Tax Return:
a) Copy of Society’s pan card
b) Copy of Pan card, Aadhar card with designations of Secretary, Chairman and Treasurer
c) Name of the person responsible for providing everify otp.( He/She can be anyone out of above three office bearers)
d) User id and password if available
e) Copy cancel cheque of society account.
f) Society’s email id and mobile no. of Responsible person for OTP.
f) Xerox copy of duly stamped, signed audited Financial Statements.

Filing Quarterly TDS Return of Housing Society

How much TDS ( Tax Deduction at Source ) Society shall deduct from Contactor’s payment :-

Under section 194 C of Income Tax Act, 1961 (Payment to Contractors) TDS to be deducted at :
1% to individual / personal/ HUF if a single contract is more than Rs. 30000 or in case the total payment in the financial year is more than Rs. 1,00,000/-.
2% to company / firm / partnership if single contract is more than Rs. 30,000/- or in case the total payment in the financial year is more than Rs. 1,00,000/-.

Under Section 194 J (Payment to Professionals / Technical Services) TDS to be deducted at :
10% if the payment is more than Rs. 30,000

Due date of filing TDS
31″ of July for the quarter of April to June.
31″ of October for the quarter of July to September.
31″ of January for the quarter of October to December.
31″ of May for the quarter January to March.
Procedure to file TDS Return :
Pay TDS amount cheque / Pay online to Bank with TDS challan
File Quarterly TDS return as per above due dates

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