‘Chambers of commerce will not come under tax net’
Addressing members of the Bharat Chamber of Commerce and Merchants Chamber, besides captains of industry, at an interactive session on ‘Direct Taxes: Policies and Prescriptions’, here on Monday, Mr R. Prasad, Chairman, Central Board of Direct Taxes (CBDT), Union Ministry of Finance, clarified that activities of Chambers of Commerce will not be brought under the tax net, under the new proviso to Section 2 (15) in the Union Budget.(As per the changes proposed in the Finance Bill with regard to direct tax provisions under Section 2(15) of the I-T Act, it is proposed that the concept of general public utility for a charitable purpose shall not apply if the job involved carrying on of “any activity in the nature of trade, commerce or business”.) — March, 11th 2008