TAXABILITY OF STATE GOVT INCOME.
This query is : Resolved
Yatin Narechania
(Querist)
07 August 2010
IS INCOME OF STATE GOVT TAXABLE. IF NO? WHERE IS IT EXCLUDED?
Aditya Maheshwari
(Expert)
07 August 2010
No income of state government is not taxable as there are not covered in the definition of person as per Income Tax Act. Also if u see all the state government budget they are always in a deficit.
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