Question ID : 654

tax on income of interest on bank deposit and interest from members of Group housing society working on no profit no loss basis

a society formed by a govt deparment for construction of fts for its members on no profit no basis has two come, one ter on savign a,c with bank and ter from members on deyed payments. Can these come be setoff agst the expenses cured by the society on sary etc, or the society has to pay tax on these come. My pot is beg a no profit no organisation the society will transfer the fts to its member at cost i.e. direct cost plus the direct cost curred by it for sary conv postage etc. Hence these come should not be treated as come under direct tax also. Kdly provide guidance. thanks '

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