Charities buys and sales...
This query is : Resolved
29 February 2016
Hi Sir,
I am one of the trustee member of the Trust Virutcham running at Madurai and have clarification in Tax view and kindly clarify the matter which help to start our new initiative.
.We planned to start up consumer product sale initiative program for the blind and handicapped people and we encourage them to sale and earn their money and we will buy at whole sale and plan to distribute to them for their individual sales.
Is this bound to sales and Income Tax?.Is there any exemption available?.Please guide.
Thanking You!
I am one of the trustee member of the Trust Virutcham running at Madurai and have clarification in Tax view and kindly clarify the matter which help to start our new initiative.
.We planned to start up consumer product sale initiative program for the blind and handicapped people and we encourage them to sale and earn their money and we will buy at whole sale and plan to distribute to them for their individual sales.
Is this bound to sales and Income Tax?.Is there any exemption available?.Please guide.
Thanking You!
CA Kapil Verma
(Expert)
29 February 2016
As i understand, your trust will sell the goods and will distribute the sales proceed amount the original sellers.
As your trust will sale so it will need a VAT registration and as far as income tax is concern you can be register under 12AA to get exemption.
Regards,
Kapil Verma
Founder Taxadvizer.com
As your trust will sale so it will need a VAT registration and as far as income tax is concern you can be register under 12AA to get exemption.
Regards,
Kapil Verma
Founder Taxadvizer.com
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