TMI BlogExemption u/s 11 & 12 - charitable activity u/s 2(15) - The assessee trust does not distribute its...Exemption u/s 11 & 12 - charitable activity u/s 2(15) - The assessee trust does not distribute its profits among members and it does not pay higher remuneration to its employees. It is abundantly clear that the income of the mutual concern falls outside the ambit of charging section 4 of the Income Tax Act and, therefore, outside the tax net. The net effect of applicability of exemption provision in section 11 is also just the same- AT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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