14 December 2012
Sir, Our unit is presently enjoying income tax exemption under the governments scheme for develeopment of north east india. We are also availing sales tax exemption under the tax emption scheme of assam govt. Sales tax exemption scheme is such that we are allowed to charge sales tax on our product from our buyers and 1 per sent of the collected tax amount has to be remmited to the sales tax department. Here I would like to enquire whether the remaining tax which is collected by us will be treated as other income and will be taxable as other income or business income by the income tax authorities
CAclubindia
