Sir first PAN of the society is mandatory. Then only all the other things can be clarified.
Is it required to pay income tax on the profit of MACCS Ltd
we are running a co operative cerdit society regd with ap govt in MACCS act 1995.all the employees of our companmy are the members and business is carried with in us. our business is taking deposits from members and lending it to other members. Yearly auditing is being done by charted accountant and the same is being submitted to the Registrar,co operative society,Andhrapradesh.The following are the queries 1.Is it required to pay income tax on the profit earned by the society. we are paying dividend regularly. 2. Is it required Collect TDS/form form depositers.
Asked 8 years ago in Income Tax
We are not taken PAN for the society,is it required to take PAN,wheather it is optional or compulsary?
Asked 8 years ago
Hello Sir,
As per the information provided by you, No Tax needs to be paid in your case as the business is done by the members and for the members.
Preferably, apply for a PAN & TAN for the society.
Trust this clarifies your query.
Feel free to call / get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP.
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