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

Principle of mutuality protects cooperative subscription income while non mutual receipts remain taxable; PAN required for tax compliance.
The principle of mutuality exempts membership subscription fees of a cooperative housing society from income tax, whereas receipts not arising from mutual activity are taxable. The society must obtain a Permanent Account Number to discharge tax liabilities. Registration with the registrar of cooperative societies is optional but advisable to obtain statutory recognition and benefits under the Income Tax framework.