Manage Income Tax Liability For Housing Society Efficiently

If you are a member of the management committee in a housing society, of Feb and March are pretty hectic for you then the weeks. Not merely because the financial year end approaches and you will need to close the books of accounts but also look at various tax liabilities as well.

When the things are managed by hand, it becomes extremely difficult to complete the accounting before the financial year ends. People work day and night and slog to complete the books of accounts. However, those who use casing society billing software for it can be carried out by it without hassles. Many people believe the income earned by the society is not responsible for the tax since it doesn’t belong to a person.

However, it is not correct. If it’s not an income gained by anybody Even, there are a few comparative heads of income that are taxable. Hence, you need a proper accounting system to care for what money comes in and what is out. Housing culture accounting is not as simple as many people think. On the contrary, it is more complex than specific accounting.

When you take action utilizing a software module; things become simple pretty. What exactly are the possible heads of income? In the casing culture, you have several minds of income. It’s important to know about any of it. We call it ‘Society Maintenance Charges. Many times, users do not deposit their contribution regularly. Society charges interest on the outstanding money. Though it is also exempted, society has to account for it separately.

The housing culture management software should be configured appropriately. The surplus amount is invested by housing societies earn interest. The eye amount is taxable. Therefore, it needs to be explicitly mentioned in the balance sheet. Similarly, the dividend should be stated separately even if it is exempted from tax as well. All rentals are taxable. You should create independent heads for different local rental incomes.

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