Exemption / deduction
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 August 2011
I want to establish partnership firm whose main business is selling the frozen vegetable. do i have exemption in
1. Income Tax
2. VAT
3. Excise?
1. Income Tax
2. VAT
3. Excise?
22 August 2011
Selling of Vegetables does not enjoy any benefit under IT Act as it is a trading business. Frozen does no amount to manufacture also. Hence VAT & Excise both are not applicable. Income Tax will be levied on Business profits of such business.
22 August 2011
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