Housing cooperative society

[NEERAJ BHUTORIA]

Whether registration of Housing Co operative Society is compulsory and whether registration no is required at the time of application of PAN Card.

AI Summary

Is Housing Cooperative Society Registration Mandatory for PAN Card? Optional But Advisable for Tax Benefits. A query was raised about whether the registration of a housing cooperative society is mandatory and if a registration number is needed when applying for a PAN card. The response clarified that while the principle of mutuality exempts certain income from income tax, other income not arising from mutual activities is taxable, necessitating a PAN number. Registration with the registrar of cooperative societies is optional, but advisable for statutory support and benefits under the Income Tax Act.