SECTION 12AA
This query is : Open
29 October 2010
If a section 25 Company apply for the exemption under section 12AA and is granted the same is the company 100% exempted from tax.
And if the company is 100% Exempted then is the company needs to pat the Advance Tax and claim it refund or it does not have to pay the same.
Also help on the condition to claim exemption and condition to maintain after the the registration u/s 12AA.
And if the company is 100% Exempted then is the company needs to pat the Advance Tax and claim it refund or it does not have to pay the same.
Also help on the condition to claim exemption and condition to maintain after the the registration u/s 12AA.
29 October 2010
In order to claim exemption u/Sec 12AA, that company should use minimum 85% funds for their objects or investments specefied under sec 12, there is no need to pay advance tax for your trust.
29 October 2010
thanks alot. wherein I am pointing out the section 25 Company. Suppose RBI opens a division with as a Section 25 for the smoth regulation and seeks exemption from Tax it in granted is the company suppose to pay the advance tax?
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