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EC seeks cancellation of tax benefits to 10 political parties

Last Updated: Sunday, April 20, 2014, 09:40

The Election Commission has sought withdrawal of tax exemption benefits to ten political parties from the CBDT on the grounds that they failed to submit their mandatory expenditure contribution reports on time to the poll body.

DTC draft retains exemption limit; proposes 35% super-rich tax

Last Updated: Tuesday, April 01, 2014, 21:34

The fresh draft of the DTC Bill, posted on the website of the Finance Ministry on Tuesday, has lowered the age for tax exemption for senior citizens to 60 years from 65 years.

EPFO panel grant regular tax exemption to 68 private PF trusts

Last Updated: Friday, March 28, 2014, 21:40

An empowered committee of the retirement fund body EPFO on Friday approved granting regular tax exemption to 68 private provident fund trusts, which would provide tax benefits for subscribers of these firms.

EPFO panel meet on Friday to grant tax exemption to PF trusts

Last Updated: Wednesday, March 26, 2014, 19:21

In a bid to protect tax benefits for subscribers of about 180 private provident fund trusts, retirement fund body EPFO has called a meeting of an empowered committee on Friday to grant them regular tax exemption.

Tata trusts given irregular tax exemptions: CAG

Last Updated: Friday, December 13, 2013, 18:05

Moreover, the CAG added, in some cases "they did not fully utilised ... Proceeds for acquiring capital assets. The ITD allowed exemption irregularly in these assessments completed after scrutiny".

School bus, canteen, hostel exempt from service tax: Fin Min

Last Updated: Friday, September 20, 2013, 19:41

The Finance Ministry on Friday clarified that "auxiliary educational services" like hostels, canteen and school buses will not attract 12 percent service tax.

Cabinet likely to consider DTC Bill today

Last Updated: Thursday, August 22, 2013, 09:00

The exemption limit at Rs 2 lakh for individual tax payers is unlikely to be touched, but a new slab of 35 percent may be introduced for the super-rich.

Retain tax exemption of state PSUs, Modi tells FinMin

Last Updated: Sunday, April 28, 2013, 12:57

Bihar Deputy Chief Minister Sushil Modi has asked the Centre to remove the clause in the Finance Bill 2013 that seeks to disallow state PSUs from availing income tax exemption on fee and royalty paid by them to state governments.

Budget 2013: Salaried class wants IT exemption limit raised

Last Updated: Wednesday, February 13, 2013, 14:32

Over 89 percent of respondents said the slab of tax free income has not moved up in line with real inflation.

Rs 2,490 cr tax-exemption given to political parties in 5 years

Last Updated: Sunday, December 02, 2012, 18:39

Ten main political parties of the country had a whopping Rs 2,490 crore of tax-exempted income in the last five years, according to information from the Income Tax department through an RTI plea.

Tax incentives on anvil to promote life insurance: FM

Last Updated: Monday, October 01, 2012, 15:29

Among other things, the Finance Ministry is looking at the possibility of exempting first year premium from service tax and extending the scope of tax exemption scheme to cover more life insurance policies.

AC train travel exempted from service tax

Last Updated: Tuesday, July 03, 2012, 08:40

According to the railways, keeping public interest in mind, the finance ministry issued a notification Monday exempting transportation of passengers (with or without accompanied belongings) in air-conditioned coaches and transportation of goods from service tax.