Income Tax : In India, the income from long term capital gains on transfer of Shares and Mutual Funds on which security transaction tax (STT) h...
Service Tax : Service Tax in India is 21 years old now. When it was introduced vide Chapter V of the Finance Act, 1994 (32 of 1994) from 01.07.1...
Service Tax : The Point of Taxation Rules, 2011 were notified on March 1, 2011 and have been amended from time to time. As mentioned in my earli...
Service Tax : The Service Tax was introduced in India around 21 years back on July 1, 1994 at the recommendations of Dr. Raja Chelliah Committee...
Custom Duty : In India, it is a common practice at customs that at the time of valuation of imported goods into India for levy of customs duty 1...
In India, the income from long term capital gains on transfer of Shares and Mutual Funds on which security transaction tax (STT) has been paid, is exempt from levy of income tax under section 10(38) of the Income Tax Act, 1961 (‘the Act’). This is a well known exemption amongst the tax payers and investors in India.
Service Tax in India is 21 years old now. When it was introduced vide Chapter V of the Finance Act, 1994 (32 of 1994) from 01.07.1994, the rules were also notified from that date, to administer this law, taking authority from section 94 (2) of the said Act. These rules are called the Service Tax Rules, 1994. These rules are the basic rules for administration of service tax and have been amended from time to time according to the need and changes in the economic and other conditions in the country.
The Point of Taxation Rules, 2011 were notified on March 1, 2011 and have been amended from time to time. As mentioned in my earlier Article, service tax is one of the most important sources of revenue for the Central Government and therefore the legislators are trying to bring more and more persons under the service tax net. The introduction of Negative List Regime w.e.f. 01.07.2012 is an example of this.
The Service Tax was introduced in India around 21 years back on July 1, 1994 at the recommendations of Dr. Raja Chelliah Committee on tax reforms. The introduction of this levy in India can be termed as milestone in Indian Tax history.
In India, it is a common practice at customs that at the time of valuation of imported goods into India for levy of customs duty 1% mark up is made in the assessable value on account of handling, loading and unloading charges of the goods without going into detail what are in fact the actual expenses in this regard.
