Legal Question in Business Law in India

i live in chandigarh india. i plan to open a tuition centre for underprivileged school kids. i plan to seek sponsorship from various people for each child's tuition fee. is it illegal to accept sponsorships for a for-profit tuition centre? also is it illegal to accept donations for a for-profit business?


Asked on 2/11/10, 8:36 am

1 Answer from Attorneys
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Any money you receive in a "For profit" venture is taxable as that will be your income. You may need to keep the accounts meticulously and file regular Income Tax returns showing all your receipts.

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Answered on 2/11/10, 11:24 am


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