Tax Exemption - Page 3

Keyman insurance policy assigned before maturity not eligible for exemption u/s. 10(10D)

A keyman insurance policy which has been assigned to any person during its term, with or without consideration, shall continue to be treated as a keyman insurance policy and consequently would not be eligible for any exemption under section 10(10D) of the Income-tax Act....

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Posted Under: Income Tax |

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 ...

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Posted Under: Income Tax |

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...

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Posted Under: Income Tax |

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...

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Posted Under: Income Tax |

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. ...

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Posted Under: Income Tax |

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...

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Posted Under: Income Tax |

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....

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Posted Under: Income Tax |

Recommendations of GST Task Force’ 17th December 2009

A recent report by Finance Commission taskforce has clarified many issues related to implementation of GST in India. Though there are many new matters which were considered in this report, but there some variations were observed as of the matters which were recommended in first discussion paper on implementation of GST in India, issued by...

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Posted Under: Income Tax |

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...

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Posted Under: Income Tax |

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....

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Posted Under: Income Tax |

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