Income tax on state government department
Paras Chhajed
(Querist) 11 May 2022
This query is : Resolved
Various battalions of state special armed forces are set up at various locations by the State Government. The battalion is headed by an IPS officer Hindustan Petroleum Corporation Ltd. has allotted a retail petroleum outlet to the battalion. The battalion got allotted PAN under the Government Category (PAN-AVCGB1453K) and also got GSTIN before commencement of business of selling petrol and diesel. The turnover during the year 2021-22 was Rs.8.53 crores and net profit was Rs.9.75 lacs.
Please advise whether the battalion is required to get its account audited u/s 44AB of Income Tax Act, 1961 and whether it is required to file its return of income. What would be the status of battalion for filing return of income, which ITR would be applicable and what would be the rate of income tax.
krishna mohan
(Expert) 18 May 2022
You can consult CA for right advise. Ideally to get PAN and submit IT returns based on your financial statements.
