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Is income from flowers business exempted from tax


05-Mar-2023 (In Tax Law)

I was told by my cousin who is into flower business that his income is exempt from income tax. Is this true? And if yes, under what section of Income tax act is it covered? He is in the business of providing flower arrangements to corporates and flower decorations in weddings and other occassions. Thank you, Arjun

Answers (3)

Answer #1
677 votes
There is no such specific exemption granted under the income tax act. Such business is taxable and would require filing of tax return , tax audit etc. You can claim deduction of the expenditure incurred in such business and pay taxes on profits.
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Advocate Abhimanyu Jhamba

Adv. Abhimanyu Jhamba

LawRato Delhi | 5+ Answers
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Answer #2
898 votes
Hi Arjun, Thanks for your message. Please get intouch with me and I shall explain you the entire concept as it is quite long. Thanks. My contact details are available on this online and also on this website.
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Answer #3
548 votes
There is no exemption for a flowerist under income tax act. However, a flowerist provind its service can get Small scale industy (SSI) exemption under service tax, but there is no specific exemption for flowerist under income tax act. The nature of the entity providing services is a contributing factor to get other exemptions.
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Advocate Deepak Thackur

Adv. Deepak Thackur

LawRatoDelhi | 25+ Answers
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