tax

Querist : Anonymous (Querist) 07 April 2011 This query is : Resolved

For eg.if an organisation releases a periodical.The printing cost of a paper be Rs.4. If the selling price be 6 or 7 rupees.. Should all the profit earned be diverted towards charity for tax exemption? Or can any part of it be used for further printing expenses? 'll that result in taxation? Also there won't be any salary or assets purchased by the members of the organisation with this money..

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soumitra basu (Expert) 09 April 2011
Firstly you have to apply to the Commissioner of Income Tax for income tax exemption. After that only your profit shall be excluded from tax. Please note that your organisation should be a charitable organisation and object should not be for the purpose of profit.

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