RWAs & Housing Societies — Tax and Compliance

Residential Welfare Associations must file statutory audits and maintain compliant accounts under the Societies Registration Act. This guide covers receipts and payments preparation, sinking fund accounting, and audit requirements that RWA secretaries and treasurers must follow.

Resident Welfare Associations operate under the mutuality principle under Section 2(24) of the Income Tax Act. Learn which RWA income is exempt, exemption limits, and when ITR-5 filing becomes mandatory.

Residential Welfare Associations often overlook their TDS filing duties. This post covers Section 194C on maintenance contractor payments, Section 194J on professional fees, and the critical monthly Form 26Q deadline--with compliance checklists for RWA treasurers and accountants.

Residential Welfare Associations collecting maintenance charges under Rs.7,500 per member per month enjoy GST exemption under Notification 12/2017-CT(R). But the threshold is strict, ITC reversal rules bite hard, and GSTR-1 disclosure matters. Here's how to stay compliant.