Dear All I want to know whether Self Help Group (SHG) Federation is taxable/applicable under income tax?
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Income Tax Obligations for Self-Help Groups
I believe if there is income generated in an organization through any kind of activities that result in expenses, the group is required to fill out income tax forms. Whether the income is taxable or not depends on various factors such as the purposes, industry, and other related considerations.
If a Self-Help Group (SHG) is a registered entity with the government, has its own bank account, and has established its identity, it is considered a separate entity in the eyes of the Income Tax Department. As a result, it is required to file tax returns accordingly.
I work as a tax return preparer. You can reach me at [Email Removed For Privacy Reasons] for any assistance.
Thank you.
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I believe if there is income generated in an organization through any kind of activities that result in expenses, the group is required to fill out income tax forms. Whether the income is taxable or not depends on various factors such as the purposes, industry, and other related considerations.
If a Self-Help Group (SHG) is a registered entity with the government, has its own bank account, and has established its identity, it is considered a separate entity in the eyes of the Income Tax Department. As a result, it is required to file tax returns accordingly.
I work as a tax return preparer. You can reach me at [Email Removed For Privacy Reasons] for any assistance.
Thank you.
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Circular No 1-2018 Processing of income-tax returns under section 143(1) of the Income-tax Act .pdf
Income Tax Calculator.xls