Exemption for Income Tax
This query is : Resolved
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.
With Regards.
10 December 2024
No, the profit from all such activities by the samiti will be taxable as per IT act.
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