Tax Exemption

The draft of the notification to be issued under third proviso to section 10(38) is, in principle, a step in the right direction. We would like to suggest a few changes to the same in order to bring greater clarity and prevent unnecessary and unintended harassment to genuine investors....

The memorandum to Finance Bill, 2017, explained that the exemption on long-term capital gains tax, provided in section 10(38) of ITA was misutilised to declare unaccounted income . CBDT has issued a draft notification on 3 April , 2017 and provided that the amendment would not apply to any transactions except mentioned in the Notification...

Whether the provisions of section 64(1A) of the Income Tax Act, 1961 require an amendment to provide for exemption from clubbing of minor's income accruing by way of interest on the amount deposited by one of the parents of the minor child as maintenance, at the hands of parent/guardian, under an order of the Court. ...

Central Board of Excise and Customs (CBEC) on 12th of January 2017 proposed several amendments in the Service Tax Law, the details of which are as follows:...

Section 80C replaced the existing Section 88 with more or less the same investment mix available in Section 88. The new section 80C has become effective w.e.f. 1st April, 2006. Even the section 80CCC on pension scheme contributions was merged with the above 80C. However, this new section has allowed a major change in the method of prov...

Resident Benefits allowable A resident person is chargeable to tax in respect of his global income. If Income-tax Act enlarges the scope of taxable income of a resident person, it extends certain benefits and privileges to a resident person as well, inter-alia, an option to compute income on presumptive basis, deductions under Chapter VI-...

Prior to 2014, Digital Ads were specifically exempted from the levy of service tax in India and were specifically mentioned in the Negative List of Services. However, this exemption has now been withdrawn and Digital Ads are no longer part of the Negative List of Services. As this exemption has now been withdrawn, Service Tax on digital a...

1. Threshold Exemption- A Small service provider whose value of taxable service from one or more premises did not exceeds Rs.10 lakhs in previous financial year will be exempt from tax in next financial year upto first consecutive payment of Rs. 10 lakhs received. However, if taxable turnover in current year exceeds the specified limit, t...

1st April 2016 onwards- Through Notification no. 6/2016-ST dated 18.2.2016, Central Government appoints 1.4.2016 as the date from which the provisions of Section 107(1) of Finance Act, 2015 shall come into effect....

As the name suggests, ‘bundled services’ are the combination of two or more services. i.e. combination of provision of various services wherein provision of one service is combined with an element of provision of any other service or services....