Legal Question in Credit and Debt Law in India
I wish to open a charitable trust, under which there shall be a company who would run only to generate profits for the poor. My question is would that company be taxable?
Asked on 6/05/16, 2:20 am
2 Answers from Attorneys
The entire income of such trust (be it house property, capital gain or any other income) is taxed as per the provisions of section 11-13 of the Income Tax Act ,1961
Answered on 6/05/16, 2:33 am
Fca Prashant Chavan
Expert Edge LLP
05.06.2016
Dear Sir / Madam,
Yes. But the Company is entitled to certain deductions from it's annual profits.
Regards,
Answered on 6/05/16, 3:57 am
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