Taxation of Local Bodies
This query is : Resolved
04 March 2009
Dear Sir,
1.Tax Liabilty of Local Bodies?
2.Is any recent circular has been issued bu the Income tax Dept regarding the taxation of local bodies,if yes please give the circular number with date of notification?
3.A Local Bodies registered in the State of Kerala has deposted an amount of Rs.10Lakhs as Investment in corporation established under section 4 of the Indian Companies Act,whether interest earned by such corporation is liabile to deduct TDS under Sec.194A if the Interest has crossed the ceiling limit of Rs.10000/- in FY 2008-09
1.Tax Liabilty of Local Bodies?
2.Is any recent circular has been issued bu the Income tax Dept regarding the taxation of local bodies,if yes please give the circular number with date of notification?
3.A Local Bodies registered in the State of Kerala has deposted an amount of Rs.10Lakhs as Investment in corporation established under section 4 of the Indian Companies Act,whether interest earned by such corporation is liabile to deduct TDS under Sec.194A if the Interest has crossed the ceiling limit of Rs.10000/- in FY 2008-09
04 March 2009
1. Local Bodies/Authorities are taxable @ 30%.
04 March 2009
2. Not heard about any recent circular about their taxability.
04 March 2009
3. If that is an bank then the limit is Rs, 10000.00.
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