70% Noida RWAs haven’t filed income tax returns, says IT department
Many RWAs that are earning money through contracts from different vendors, scrap dealers, shop and gym owners are under the ambit of income tax.noida Updated: Aug 23, 2016 16:53 IST
Around 70% of the resident welfare associations (RWAs) in Noida and Greater Noida have not filed their income tax (IT) returns, according to the IT department. A senior IT officer said the department had written to more than 100 RWAs in October last year and conducted a couple of meetings in the last two months with representatives of various RWAs of the twin cities to inform them about the income declaration scheme (IDS) 2016.
“If the RWAs fail to file the IT returns before September 30, a fine will be levied on those who are earning money from a third party, advertisements and any other commercial activity. We had sent reminders to almost all major RWAs, but only a handful of them have replied,” said the official.
The department said that many RWAs that are earning money through contracts from different vendors, scrap dealers or shop and gym owners fall under the ambit of income tax and should declare their earnings before September 30.
The Federation of Noida resident welfare associations (FONRWA) said they have received the IT department’s circular and asked all member RWAs to conduct an audit of their accounts and submit the returns as soon as possible.
“The federation has requested all RWAs to respond to the IT department’s notices as soon as possible. Many of the RWAs are in the process of filing IT returns. We also held meetings with members of RWAs and IT department officials. The procedure of IDS has been circulated to them. We are hoping that all RWAs will submit their returns in seven days,” said NP Singh, president, FONRWA.
The department said any revenue-generating activity from a third party should be disclosed by the RWAs. Tenders, memorandums of understanding (MoUs) or any kind of revenue-generating deals with a private individual or company must be declared, the official said.