income tax on income of state govts
This query is : Resolved
03 January 2010
is income i.e. surplus of state govts subject to income tax under income tax 1961?
please provide supporting evidences..avoid suggestions.
please provide supporting evidences..avoid suggestions.
Aditya Maheshwari
(Expert)
03 January 2010
I dont think the state govts have a pan card or file a return. So their surplus is not subject to tax.
03 January 2010
Please provide conclusive evident replies and avoid suggestions
Heera Nahariya
(Expert)
04 January 2010
Income tax is to be charged on income of a person.
under section 2(31) the definition doesn't covers State & Central Governments.
When any entity doesn't fall with in the ambit of the definition of person then question of imposing tax doesn't arise.
under section 2(31) the definition doesn't covers State & Central Governments.
When any entity doesn't fall with in the ambit of the definition of person then question of imposing tax doesn't arise.
Murtaza I Bhagat
(Expert)
04 January 2010
agree to heeraji
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