Question

11. Every society earning income, must pay Income Tax
a) only on its Taxable income
b) Income of societies are not taxable
c) On Gross Profit, if it is consumer Co-operative socie
d) Only if it sales goods to non-member.​

Answer 1

Answer:

For the first Rs 10,000 of the taxable income, after excluding the items discussed above, the society is required to pay income tax at the rate of 10 per cent. For the next Rs 10,000, the applicable rate is 20 per cent. On the income above Rs 20,000, the society has to pay tax at 30 per cent of the income.