Taxability of RWA

Hi,

Could you please share the below details:

- Copy of the tax return

- Section under which exemption is claimed in ITR

- Which ITR form has been filed.

Would be happy to assist.

Thanks

Damini

Dear Sir,

Hope you are doing well !!

Please share the copy of notice and ITR with us.

We may assist you in entire procedure.

The RWA follows the concept of mutuality and hence the amount received from members is not to be shown anywhere in your income tax return.

Just file the return without showing any such receipts as its not part of income.

For any further assistance I'll have to see your income tax return and notice.

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank you.

Hello,

Kindly share the intimation and ITR with us.

Regards,

CA Hunny Badlani

- Please share the documents.

We need to have a look at your income tax return and intimation letter in order to suggest you a way forward.

You also need to show related expenses incurred on its behalf. Under income Tax, memebrs contribution is not exempt. Under GST law, it has been exempt with certain limit,