Regarding tax free income
This query is : Resolved
15 February 2012
Dear Sir/Madam,
Please give the full detail regarding tax free Income.
The income which are exempt in the income tax & limit of income exempt
Is the income exempt is exempt in Bihar Sales Tax.
Will be waiting for the reply.
Thanks & Regards
Waquar Ahmad Afaque
Please give the full detail regarding tax free Income.
The income which are exempt in the income tax & limit of income exempt
Is the income exempt is exempt in Bihar Sales Tax.
Will be waiting for the reply.
Thanks & Regards
Waquar Ahmad Afaque
19 February 2012
For income exempt under Income Tax Act , you have to study Section 10 and all its sub sections.
I am giving you a link for a pdf file
-https://www.du.ac.in/fileadmin/DU/Academics/course_material/TM_03.pdf
.
Sales Tax Acts are state-wise and tax is levied on sale purchase and works contract transactions.
.
These are different from the Income Tax Act .
So it is not correct to conclude that Income exempt under IT may be exempt under any of the state sales tax acts.
.
Income Tax Act is applicable to Bihar also and under this Act exemption is allowable
as it is allowable in rest of India.
I am giving you a link for a pdf file
-https://www.du.ac.in/fileadmin/DU/Academics/course_material/TM_03.pdf
.
Sales Tax Acts are state-wise and tax is levied on sale purchase and works contract transactions.
.
These are different from the Income Tax Act .
So it is not correct to conclude that Income exempt under IT may be exempt under any of the state sales tax acts.
.
Income Tax Act is applicable to Bihar also and under this Act exemption is allowable
as it is allowable in rest of India.
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