{"id":3423,"date":"2024-05-17T12:05:03","date_gmt":"2024-05-17T12:05:03","guid":{"rendered":"https:\/\/www.dearsociety.in\/post\/?p=3423"},"modified":"2024-05-17T12:05:03","modified_gmt":"2024-05-17T12:05:03","slug":"housing-society-taxes-what-to-know-in-2024","status":"publish","type":"post","link":"https:\/\/www.dearsociety.in\/post\/2024\/05\/17\/housing-society-taxes-what-to-know-in-2024\/","title":{"rendered":"&#8220;Housing Society Taxes: What to Know in 2024&#8221;"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Many housing societies in India might be surprised to learn they need to file tax returns. Just like any organization, societies have income and expenses, and the government needs a record of this. Let&#8217;s break down what you need to know about taxes for your society in 2024.<\/span><\/p>\n<h3 style=\"padding: 10px; color: #000; border-left: 4px solid #4caf50; background-color: #ffc422;\"><strong><b>Filing Your Tax Return on Time<\/b>:<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">Think of a tax return like a report card for your society&#8217;s finances. You need to file it with the government by <\/span><b>September 30th<\/b><span style=\"font-weight: 400;\"> each year. Missing this deadline can lead to fines and penalties, so be sure to mark it on your calendar!<\/span><\/p>\n<p><iframe loading=\"lazy\" title=\"Amendments to Society Election Rules - \u0939\u094c\u0938\u093f\u0902\u0917 \u0938\u094b\u0938\u093e\u092f\u091f\u0940 \u091a\u0941\u0928\u093e\u0935 \u0928\u093f\u092f\u092e\u094b\u0902 \u092e\u0947\u0902 \u092c\u0926\u0932\u093e\u0935\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/6H1jlGH82EI?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h3 style=\"padding: 10px; color: #000; border-left: 4px solid #4caf50; background-color: #ffc422;\"><strong><b>What Kind of Income Gets Taxed?<\/b>:<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">Not all the money your society collects gets taxed. Here&#8217;s a simple guide:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Money from Members:<\/b><span style=\"font-weight: 400;\"> This includes things like maintenance fees, water bills, electricity, and security charges. Since this money is just being shared amongst yourselves, the government doesn&#8217;t tax it.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Interest on Savings:<\/b><span style=\"font-weight: 400;\"> If you keep your society&#8217;s extra money in a cooperative bank, any interest you earn is tax-free. However, interest from other banks might be taxed.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Renting Out Space:<\/b><span style=\"font-weight: 400;\"> If your society rents out billboards, cellphone towers, or any other common areas, that income gets taxed.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Empty Apartment Fees:<\/b><span style=\"font-weight: 400;\"> If someone owns an apartment in your society but doesn&#8217;t live there, and they still have to pay fees, that income is taxable.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Parking Fees:<\/b><span style=\"font-weight: 400;\"> The money you collect for parking from members generally doesn&#8217;t get taxed. But if you rent out parking spots to outsiders, that income is taxable.<\/span><\/li>\n<li aria-level=\"1\">\n<h3 style=\"padding: 10px; color: #000; border-left: 4px solid #4caf50; background-color: #ffc422;\"><strong><b>Getting Help with Taxes<\/b>:<\/strong><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">If your society&#8217;s finances are complicated, you might want to consider getting help from a tax advisor. They can make sure you&#8217;re filing everything correctly and help you avoid any mistakes.<\/span><\/p>\n<p><iframe loading=\"lazy\" title=\"If the builder has taken a project loan that hasn&#039;t been paid, what precautions should you take\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/MArIGCOaqXk?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p><b>Remember:<\/b><span style=\"font-weight: 400;\"> Keeping good records and filing your tax return on time will help your housing society stay compliant with the law and avoid any tax troubles.<\/span><\/p>\n<p>Also Watch : <span style=\"text-decoration: underline;\"><a href=\"https:\/\/www.dearsociety.in\/post\/2023\/05\/05\/important-rera-judgements-taken-by-maharera-under-different-circumstance\/\">https:\/\/www.dearsociety.in\/post\/2024\/02\/14\/from-vision-to-reality-co-operative-housing-society-redevelopment\/Important Rera Judgements taken by MahaRERA under different circumstance-2<\/a><\/span><\/p>\n<p>1. Website &#8211;\u00a0 \u00a0 \u00a0<a href=\"https:\/\/www.dearsociety.in\/\">https:\/\/www.dearsociety.in\/<\/a><br \/>\n2. Instagram &#8211; \u00a0<a href=\"https:\/\/instagram.com\/dearsocietymh?igshid=NmE0MzVhZDY=\" target=\"_blank\" rel=\"noopener\">https:\/\/instagram.com\/dearsocietymh?igshid=NmE0MzVhZDY=<\/a><br \/>\n3. LinkedIn &#8211;\u00a0 \u00a0 <a href=\"https:\/\/www.linkedin.com\/company\/dear-societyin\/\" target=\"_blank\" rel=\"noopener\">https:\/\/www.linkedin.com\/company\/dear-societyin\/<\/a><br \/>\n4. Facebook &#8211;\u00a0 \u00a0<a href=\"https:\/\/www.facebook.com\/dearsocietyMH?mibextid=ZbWKwL\" target=\"_blank\" rel=\"noopener\">https:\/\/www.facebook.com\/dearsocietyMH?mibextid=ZbWKwL<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Many housing societies in India might be surprised to learn they need to file tax returns. Just like any organization, societies have income and expenses, and the government needs a record of this. Let&#8217;s break down what you need to know about taxes for your society in 2024. Filing Your Tax Return on Time: Think [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":3426,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[358,1],"tags":[359,360],"class_list":["post-3423","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-taxs","category-uncategorized","tag-taxs","tag-tds"],"_links":{"self":[{"href":"https:\/\/www.dearsociety.in\/post\/wp-json\/wp\/v2\/posts\/3423","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.dearsociety.in\/post\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.dearsociety.in\/post\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.dearsociety.in\/post\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.dearsociety.in\/post\/wp-json\/wp\/v2\/comments?post=3423"}],"version-history":[{"count":3,"href":"https:\/\/www.dearsociety.in\/post\/wp-json\/wp\/v2\/posts\/3423\/revisions"}],"predecessor-version":[{"id":3427,"href":"https:\/\/www.dearsociety.in\/post\/wp-json\/wp\/v2\/posts\/3423\/revisions\/3427"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.dearsociety.in\/post\/wp-json\/wp\/v2\/media\/3426"}],"wp:attachment":[{"href":"https:\/\/www.dearsociety.in\/post\/wp-json\/wp\/v2\/media?parent=3423"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.dearsociety.in\/post\/wp-json\/wp\/v2\/categories?post=3423"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.dearsociety.in\/post\/wp-json\/wp\/v2\/tags?post=3423"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}