Tax Exemption news

Factoring services may soon be exempt from stamp duty

The government plans to offer stamp duty exemption for sale of accounts receivables, allowing businesses to encash sales made on credit and ensure a healthy cash flow. The finance ministry will facilitate this change by moving a new bill to regulate ...

Read More
Posted Under: Finance |

Commerce Ministry to set up committee to simplify EOU procedures

The Commerce Ministry today said it will set up a committee to recast the export-oriented unit scheme so that the scheme remain attractive even after the end of tax sops in 2011. "EOUs should be re-modeled because challenges and environment have cha...

Read More
Posted Under: Finance |

Budget for next year may take back excise exemption given to around 250 items

The finance ministry is looking into the possibility of phasing out some exemptions from the Centre’s excise list in the next Budget. The move is part of the transition exercise to the goods & services tax regime, slated to come into force next finan...

Read More
Posted Under: Finance |

High Court dismisses petition challenging tax exemption MLAs of Punjab

The Punjab and Haryana High Court on Monday dismissed a petition challenging tax exemption to Members of the Legislative Assembly (MLAs) of Punjab. Dismissing the petition filed by one Manmohan Singh of Ludhiana, a division bench today held that there was no illegality in the exemption from payment of tax granted to MLAs. ...

Read More
Posted Under: Finance |

It department challenged deduction u/s. 80RR claimed by fashion designer Tarun Tahiliani

Is Tarun Tahiliani, one of India’s leading fashion designers, an artiste? Those who admire his creations might think so, but not the income-tax [I-T] department. It’s been almost a decade now since the I-T first objected to Tahiliani seeking tax exemption on his foreign income for being an “artiste”, and it still continues to disp...

Read More
Posted Under: Finance |

Bonus stripping under the Income tax lens

After taxing investors for dividend stripping, the Income Tax (I-T) Department is gearing up to tax bonus stripping. Official sources say scrutiny of returns filed by companies, brokers and individuals active in the stock markets and in possession of shares revealed wide use of this mechanism to evade tax....

Read More
Posted Under: Finance |

Direct Tax code (DTC) may be rewritten: FM

Finance Minister Pranab Mukherjee on Friday indicated the government could rewrite the new direct tax code to make it acceptable to all stakeholders. On the tax code, he said, the government would attempt to build consensus on the proposals. “I have laid a certain proposal in the form of a direct tax code. But it is not the Bhagwad Git...

Read More
Posted Under: Finance |

Excise exemption to Himachal Pradesh and Uttarakhand under review

Himachal Pradesh and Uttarakhand, the two Himalayan states which have drawn thousands of crores of investments due to the tax benefits they offer, stare at the possibility of losing the status as Finance Minister Pranab Mukherjee looks to plug loopholes and boost revenues for a government that’s on a spending spree....

Read More
Posted Under: Finance |

BPO may be taxed in DTC as no provision in DTC to extend tax exemption benefit

Business Processing Outsourcing (BPO) centers in India would be subjected to taxation under the new proposed Direct Tax Code (DTC) but some clarifications, especially on double taxation, were still needed, an expert said. The (tax) exception given to BPOs has to be withdrawn under section 10 (A) of Income Tax Act. There is no provision in...

Read More
Posted Under: Finance |

Assocham asked to raise the tax exemption limit for Individuals to 4 lakh and for senior citizens to 5 lakh

Industry body Assocham today asked the government to raise the tax exemption limit on personal income from Rs 1.6 lakh per annum to Rs 4 lakh per annum and for senior citizens up to Rs 5 lakh per annum. The industry body was giving its proposals on the draft direct taxes code which has been put in public domain by the government for comme...

Read More
Posted Under: Finance |

Browse All Categories

CA, CS, CMA (4,355)
Company Law (5,149)
Custom Duty (7,477)
DGFT (4,044)
Excise Duty (4,275)
Fema / RBI (3,891)
Finance (4,047)
Income Tax (31,160)
SEBI (3,236)
Service Tax (3,478)

Search Posts by Date

November 2019
M T W T F S S
« Oct    
 123
45678910
11121314151617
18192021222324
252627282930