housing society

Querist : Anonymous (Querist) 26 June 2011 This query is : Resolved
dear friend
does a housing society required to apply for TAN or PAN or Both.. as there are no of out go expenditure etc. kindly any one comment.

thanks

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prabhakar singh (Expert) 26 June 2011
any one need 2file i.t. returns required to apply for PAN

any one needs TAN if required to make t.d.s.

Guest (Expert) 26 June 2011
A housing society is a body corporate and is treated like a person by law. If it has a taxable income it has to apply for a PAN.

Your mention about the society having "no of out go expenditure" is unbelievable. The question arises how it runs without spending a single penny and has only income and only income. Does it not pay any salary to its employees, or rent to the landlord, or make any payment for hiring any contractor's services?

If it pays money to any one and it becomes the liability to deduct tax at source, it has to apply for TAN also.

Querist : Anonymous (Querist) 26 June 2011
dear sir,

i am sorry, i had meant number of outgo. and not NO, the word no was incomplete.

soumitra basu (Expert) 28 June 2011
It is better to have PAN of the society for several purpose.

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