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
I agree with the expert
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- 44AD VS 44AB AUDIT
- Query Regarding Refund Adjustment Against Outstanding Demand
- Seeing a huge entry in AIS Purchase of time deposits (SFT-005), what it is for
- GST APPLICABILITY TO DIAGNOSTIC
- Clarification on GST Applicable for Training Hall Rent Invoice
- Itr processing delay
- Multiple GST under same PAN
- TCS ON SALE OF GINNING MACHINERY AS SCRAP
- Trust case
- TDS Intimation(Short Deduction)
- Purchase of property from NRI
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
