Tax Exemption - Page 5

Service Tax- Concept of Bundled Service

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....

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Negative List of Services under Service Tax

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 […]...

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Service Tax on Private Railway Sidings

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...

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Posted Under: Service Tax |

Exemption to income of Investor Protection Fund of depositories setup under SEBI Regulations

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 ...

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Posted Under: Service 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: Service 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: Service 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: Service 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: Service 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: Service 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: Service Tax |

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