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Exemption for Income Tax

This query is : Resolved 
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(Querist)
09 December 2024 The Samiti has registered in Chhattisgarh Firm & Society Act as Samiti. Main object of Samiti to Welfare of the Police employee. Samiti also run petrol pump (Dealership of Indian Oil) and earn profit. Can profit is exempted when the earn profit in used for welfare of Police Employee. Please suggest any exemption can taken by any section on these profit (Run a petrol pump)

With Regards.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
10 December 2024 No, the profit from all such activities by the samiti will be taxable as per IT act.
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