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manojabcde (engineer)     16 February 2012

Income tax liability of societies at transferring net profit

In one registered society formed by state govt officials for running engg colleges, every year profit beig transferred in balancesheet without paying tax on net profit of 4-5 crores per year.

Whether socieities are free from income tax liability on profit of 4-5 crores (more than one crore  as per IT act).



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