Tax Exemption - Page 4

Taxability of ULIP and Insurance policy maturity amount under the DTC regime

Premium Punch:- At present, premium payment for a life insurance policy is tax-exempt provided the premium amount is not more than 20 per cent of the sum assured. Similarly, any sum received under a life insurance policy – be it money back at regular intervals, death benefit, maturity benefits, including bonus and loyalty additions – ...

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Posted Under: Income Tax |

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 The (tax) exception given to BPOs has to be withdrawn under section 10 (A) of Income Tax Act.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...

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Posted Under: Income Tax |

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...

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Posted Under: Income Tax |

SC will examine the issue of taxability of professional fees received by foreign law firms from Indian companies

The Supreme Court has decided to examine the issue of whether foreign law firms charging professional fees from Indian companies and businessmen are liable to pay income tax in the country. A bench headed by Justice S H Kapadia has issued notices to a London-based law firm on a petition filed by the Income Tax Department....

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Posted Under: Income Tax |

Profit may be the key condition for levying MAT in the final draft of the DTC

The government may retain profit as the key condition for levying minimum alternate tax (MAT) in the final draft of the direct taxes code after its asset-based approach proposed earlier ran into a storm of protests from industry. Other options being considered by the government include tax exemptions for asset-heavy infrastructure compani...

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Posted Under: Income Tax |

CBDT suggested abolition of MAT and continuance of tax benefit on savings in new Direct Tax Code

The Central Board of Direct Taxes (CBDT), the government's apex tax policy and collection body, has suggested that the new direct taxes code abolish Minimum Alternate Tax (MAT) and continue to offer individuals tax exemptions on savings under the existing EEE (exempt-exempt- exempt) method....

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Posted Under: Income Tax |

Management in India not sufficient ground to deny exemption from tax to a company based outside India

Having an effective management in India is not a sufficient ground to deny exemption from capital gains tax to a company that is based in Mauritius, ruled a Delhi bench of the Income-Tax Appellate Tribunal (ITAT). The ITAT held that under the India-Mauritius double taxation avoidance agreement...

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Posted Under: Income Tax |

DTC will not provide deduction for donation to relegious trust and may tax NGOs

Trusts and institutions carrying out charitable activities will face more stringent taxation regime when the new direct taxes code comes into play from April 1, 2011.The new Code will particularly hit non-governmental organisations (NGOs). All NGOs and charitable trusts registered with the Tax Department may be required to fork out 15 per...

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Posted Under: Income Tax |

Direct Tax code may take all benefit away from Factories, Business Processing Units and software development firms inside SEZ

  Factories, Business Processing Units and software development firms inside Special Economic Zones (SEZ) will lose all income tax benefits—the most crucial incentive for the tax free industrial enclaves— if the direct taxes code replaces the Income Tax Act of 1961 without any change. The proposed norms also talk of tightening ta...

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Posted Under: Income Tax |

Retirement savings will become taxable on withdrawal in new direct tax code

The Direct Tax Code is a bit of a mixed bag for individuals, particularly the salaried class. Prima facie, the tax liability will reduce significantly as the draft code proposes to tax incomes up to Rs 10 lakh at 10%, that between Rs 10 lakh and Rs 25 lakh at 20% and sum in excess […]...

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Posted Under: Income Tax |

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