The Industry, Traders and Commerce sections are largest tax payers of the Country. Also they are the wealth creators, employment creators, Investment opportunity generators. Generally the honest tax payers always expect some favorable attitudes from the Tax authorities in the form speedy process of clarifications, education and information for understanding the tax rates, due dates, […]
Read MoreIncome earned by a mutual concern from mutual activities is no taxable whereas income earned from non-mutual activities is chargeable to tax. Applicability: Applicable to trade or professional or similar associations, which do not distribute any part of income to its members. Exception: Association for the purpose of control, supervision, regulation or encouragement of the […]
Read MoreIncome earned by a mutual concern from mutual activities is no taxable whereas income earned from non-mutual activities is chargeable to tax. Step 1 Compute Deficiency = Expenditure incurred by such Applicability: Applicable to trade or professional or similar associations, which do not distribute any part of income to its members. Exception: Association for the […]
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