Income Tax : A resident person is chargeable to tax in respect of his global income. If Income-tax Act enlarges the scope of taxable income of ...
Income Tax : Exemptions from tax, also known as non-taxable income, refer to the income that is not subject to income tax. This income may be e...
Income Tax : As per section 10(1), agricultural income earned by the taxpayer in India is exempt from tax. Agricultural income is defined under...
Income Tax : Discover the importance of scholarships for students. Learn about the different types of scholarships available and their impact o...
Income Tax : Discover the tax exemption granted by CBDT to Singapore-based sovereign wealth funds. Explore the investment opportunities in Indi...
Finance : The government plans to offer stamp duty exemption for sale of accounts receivables, allowing businesses to encash sales made on c...
Corporate Law : The Commerce Ministry today said it will set up a committee to recast the export-oriented unit scheme so that the scheme remain a...
Excise Duty : The finance ministry is looking into the possibility of phasing out some exemptions from the Centre’s excise list in the next Bu...
Income Tax : The Punjab and Haryana High Court on Monday dismissed a petition challenging tax exemption to Members of the Legislative Assembly ...
Income Tax : Is Tarun Tahiliani, one of India’s leading fashion designers, an artiste? Those who admire his creations might think so, but not...
Income Tax : As per Section 10(23AA), the exemption can be for the income received by any person on behalf of any regimental fund or non-public...
Income Tax : Assessee sold 3,10,000 shares and claimed resulting gains as exempt under section 10(38). AO denied the exemption on the ground th...
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:
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 However, this exemption has now been withdrawn and Digital Ads are no longer part of the Negative List of Services.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 ads in India on Website and Mobiles would be liable to service tax @ 14.50%.
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, there will be no exemption from service tax in next financial year.
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.
CA Surbhi Nahata Earlier with old scheme only some specified services were taxed, but now with the new scheme all the services except negative list of services are taxed. Negative list of services is altogether a new concept put forward in Budget 2012 wherein the services covered in this list is out of the ambit […]
In present trend, a large number of business entities for their mega projects are procuring land for setting up their plants or factories as well as for laying railway tracks for developing of their own railway sidings within factory premises and connecting the same from a nearby railway station for ensuring smooth transportation of fuels, raw materials, finished goods or by products etc.
Income, by way of contribution from a depository, of the Investor Protection Fund set up by the depository in accordance with the regulations prescribed by SEBI will not be included while computing the total income
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
