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Real Estate Forum on Waste Management

Real Estate Property Discussion Forum and Guide to Real Estate Queries

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Q: I am currently residing in 84 flat apartment in Bangalore. Some of the members in our association would like to efficiently segregate the daily waste and sell some of the non-biodegradable items like plastics, bottle and polythene covers etc. to old paper mart.

However, we are not sure if the money gained by selling the old items are taxable, any proof for source of this income needs to be filled during the yearly finance audit.

Please advice, how to manage the funds that are generated through waste management. Do we need a separate apartment bank account specifically for this purpose.

Latest Answer: The Waste comes under Scrap Sales and the Association has to register with Commercial Tax Dept and they have to collect VAT @ 5% on the value of Scrap Sold to any body. And they have to remit the Tax collected to the Commercial Tax Dept monthly and they have to file returns. This has to be accounted as Income from Scrap and is liable to Income Tax. There is no need for having a separate bank account for this. Also please check with with your Auditor for better clarification.
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Q: Hi all, waste segregation work is going on in full swing.. Any comments?
Latest Answer: So all have joined hands in order to educate people in this regard.. This is really a good move.. Hope the Garden city will be cleaner and also the number of people affected by diseases would come down..
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Q: I stay in an apartment in Bangalore. I see waste scattered around in my locality. I want to take up the initiative of cleaning the waste myself. What are the effective ways of waste management in an apartment?
Latest Answer: It is good to know that you want to take up the initiative. The production of waste in households is a global environmental concern. The root of the problems lies in the attitude of both the authorities and the residents. There are various stages of the waste management and recycling such as monitoring the waste, collecting the waste, Transporting the waste to proper waste management facility, Processing or recycling and Disposal of un-recyclable waste. You can first segregate the waste and choose different coloured bins for disposing different types of wastes. You can encourage other residents in supporting waste management. Reduce, Re-use & Recycle the waste. You can also create awareness among your neighbors, garbage collectors and garbage contractors. Seek help from professional or non-profit organization in the field of Solid Waste Management.
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