Addition of income and order of tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 December 2014
Dear Sir,
I am Vimal Dholakia, working as a tax assistant with Mohanlal Karia & co. taxation advocate in junagdh Gujarat.
We have one client cooperative society. There was a scrutny for this client and assessing officer demamnded a tax on interest on Saving account created for employees's pf and gratuity purpose.
Actually society is depositing dedcuted money for ppf and gratuity in one saving bank account of SBI. On that amount society has receiving interest and same interest is paying to employees with ppf and gratuity.
So there is no question of inocme for society but still assessing officer counted this interest as a inocme of society and demanded tax on it.
I would like to know whether this inocme is taxable or not.
Kindly reply me as we are going for appeal for this casse.
I am Vimal Dholakia, working as a tax assistant with Mohanlal Karia & co. taxation advocate in junagdh Gujarat.
We have one client cooperative society. There was a scrutny for this client and assessing officer demamnded a tax on interest on Saving account created for employees's pf and gratuity purpose.
Actually society is depositing dedcuted money for ppf and gratuity in one saving bank account of SBI. On that amount society has receiving interest and same interest is paying to employees with ppf and gratuity.
So there is no question of inocme for society but still assessing officer counted this interest as a inocme of society and demanded tax on it.
I would like to know whether this inocme is taxable or not.
Kindly reply me as we are going for appeal for this casse.
08 December 2014
This income is taxable. If you form a separate trust with approval of IT authorities then the income is exempted.
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