Entity's Profits Directed to Public Services; Qualifies for Tax Exemption Under Income Tax Act Section 11(2) and 2(15).

Entity's Profits Directed to Public Services; Qualifies for Tax Exemption Under Income Tax Act Section 11(2) and 2(15). https://www.taxtmi.com/highlights?id=25825 Entitlement to exemption u/s 11(2) - The memorandum of association does not permit the profits to be distributed between the members. The profits are provided to be utilised for services of the public utility, would thus clearly fall and will qualify for exemption within the meaning of "charitable purpose", as defined in section 2(15) - HC en-us Mon, 09 Nov 2015 17:41:19 +0530 Mon, 09 Nov 2015 17:41:19 +0530 TaxTMI RSS Generator Entity's Profits Directed to Public Services; Qualifies for Tax Exemption Under Income Tax Act Section 11(2) and 2(15). https://www.taxtmi.com/highlights?id=25825 Entitlement to exemption u/s 11(2) - The memorandum of association does not permit the profits to be distributed between the members. The profits are provided to be utilised for services of the public utility, would thus clearly fall and will qualify for exemption within the meaning of "charitable purpose", as defined in section 2(15) - HC Highlights Income Tax Mon, 09 Nov 2015 17:41:19 +0530 https://www.taxtmi.com/highlights?id=25825