https://www.taxtmi.com/highlights?id=101871 The doctrine of mutuality excludes surplus from a co-operative housing society's maintenance charges, property-tax recoveries and other member collections where contributors and participators are identical, funds serve common member purposes, and there are no non-member receipts or commercial activity. A year-end surplus merely augments the common fund and does not become taxable income. The notes also state that an audited co-operative society may file its return by the applicable audit-related due date; where filed within that date, late-filing fee under section 234F is not sustainable. en-us Mon, 20 Jul 2026 09:37:28 +0530 Mon, 20 Jul 2026 09:37:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=101871 The doctrine of mutuality excludes surplus from a co-operative housing society's maintenance charges, property-tax recoveries and other member collections where contributors and participators are identical, funds serve common member purposes, and there are no non-member receipts or commercial activity. A year-end surplus merely augments the common fund and does not become taxable income. The notes also state that an audited co-operative society may file its return by the applicable audit-related due date; where filed within that date, late-filing fee under section 234F is not sustainable. Highlights Income Tax Mon, 20 Jul 2026 09:37:28 +0530 https://www.taxtmi.com/highlights?id=101871