Tax Exemption - Page 5

Bombay High Court admit appeal against Shah Rukh Khan

The Bombay High Court on Wednesday admitted an appeal filed by the Income Tax (IT) department against actor Shah Rukh Khan for the tax deductions allowed on his income earned as the brand ambassador for Swiss luxury watch company Omega....

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Posted Under: Income Tax |

Union Budget 2009- Amendments proposed in respect of charitable Trusts

Medical and Educational Institutions : Extension of time limit for filing applications for tax exemption under section 10(23C) : Now such institutions having receipts of more than rupees one crore can file an application for seeking exemption till 30th September following the end of the financial year for which the exemption is sought. Ta...

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Posted Under: Income Tax |

Wealth tax exemption limit raised

Enhancement of the limit for payment of wealth tax under the existing provisions of section 3 of the Wealth-tax Act, wealth tax is charged every year in respect of net wealth, on the valuation date, of every individual, Hindu undivided family and company at the rate of one per cent. of the amount by which the net wealth exceeds Rs.15.00 l...

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Posted Under: Income Tax |

Service tax on Legal Consultancy, more clarification needed

THE focus of this write up is restricted to `Legal Consultancy Service’ which is one of the new services brought into the service tax net in Budget 2009 and the scope of this new levy. This levy is introduced by way of insertion of clause (zzzzm) in sub section 105 of section 65 of the […]...

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Posted Under: Income Tax |

Govt. may extend exemption on inter-corporate dividends further down the chain of corporate subsidiaries

The finance ministry is considering a proposal to extend the tax exemption on inter-corporate dividends further down the chain of corporate subsidiaries in the upcoming Union Budget, a long-standing demand from India Inc. “The proposal is under consideration but a final decision has not been taken,” said a senior government of...

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Posted Under: Income Tax |

Narayan Murthy not in favour of Income Tax Exemption for IT Industry

Former Infosys chairman Narayan Murthy gives his views on a wide range of topics and opines that the IT industry should not be given any tax exemptions. Excerpts from the interview: Q: How do you see this government coming back with such a clear majority? Murthy: Indian voter has voted for stability and has recognised […]...

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Posted Under: Income Tax |

Development Authorities/ Urban civic bodies under CBDT’s lens

Local city development agencies, such as Delhi Development Authority and Noida Development Authority, which have been raking in the moolah for some time from their housing projects, have drawn the attention of taxmen. The Central Board of Direct Taxes has sounded an alert to its field forces asking them to keep a tab on tax payments by ...

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Posted Under: Income Tax |

Service Tax department clarified DICGC Premium is exempt from service tax

Revenue authorities have done banks a good turn towards the close of the financial year. By clarifying that the deposit insurance premium, collected by the Deposit Insurance and Credit Guarantee Corporation (DICGC), is not taxable, the authorities have saved banks, which ultimately would have borne this burden, from paying taxes totting u...

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Posted Under: Income Tax |

Exporters seek Sops/Exemptions to tackle strong rupee

Mr Rajinder Hinduja, Executive Director (Finance), Gokaldas Exporters, expressed concern over the delay in the refund of taxes linked to levies like service tax and others. Mr Hinduja also pleaded for a clear stand on the 100 per cent export oriented units, which enjoyed tax exemptions. However, with the concession expected to expire in 2...

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Posted Under: Income Tax |

Income-Tax department is scrutinising companies that have set up subsidiaries or units in SEZ

The Income-Tax department is scrutinising companies that have set up subsidiaries or units in special economic zones (SEZ) after it foundthat many of these firms were using their SEZ operations as a vehicle for claiming undue tax benefits. The modus operandi adopted by a number of companies is to manipulate the accounts to transfer the [&...

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Posted Under: Income Tax |

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