21 December 2012
An assessee is a trust,on which provident fund act not applicable but assessee grant approvel by central government to creat provident fund to their employee.
now my question is the income generate from the said fund is taxable in the hand of assessee or not?. In what condition it is exempt?
24 December 2012
The income generated by approved gratuity fund is taxable. Exempt is available for making the expenses for stipulated amounts and nature of expenses.
CAclubindia
