Tax Exemption

Maruti Suzuki receives Rs 3.81 crore show cause notice from customs office

The show cause notice asks the automaker to justify its claim for customs duty exemption on certain imported goods

GST authorities issue Rs 2,000 cr notice to 20 insurers operating in SEZs

An investigation by the Directorate of GST Intelligence (DGGI) found insurers wrongly extending tax exemptions to group medical insurance cover for employees of SEZ units and their families

Budget 2024: Tax exemptions expanded to retail schemes, ETFs in Gift-IFSC

With the changes, these schemes will now enjoy tax exemptions similar to that of category III AIFs set up in the IFSC

Claim your tax deduction on health checkup and specific treatments

Maximise savings by tapping into lesser-known deductions besides the one on health insurance premium

Govt may extend concessional 15% tax for new production units by a year: EY

The government may extend the concessional 15 per cent income tax rate for corporates to set up new manufacturing units by one year till March 31, 2025, to encourage private investments, EY said in its 2024 Budget expectation report. Finance Minister Nirmala Sitharaman is scheduled to present the interim Budget for 2024-25 on February 1. EY in its Budget expectations report also said that in the interim Budget, the government would continue its focus on ease of paying taxes, while legislative reforms will stay work-in-progress. To encourage more investment in the manufacturing sector and exports, the interim Budget may extend the sunset date for commencing manufacturing from March 31, 2024, till March 31, 2025, for companies availing 15 per cent concessional income tax rate, EY said. The government in 2019 announced that any new domestic company incorporated on or after October 1, 2019, making fresh investment in manufacturing, will have the option to pay income tax at the rate of

SMEV writes to Gadkari, seeks unified policy of road tax exemption for EVs

Society of Manufacturers of Electric Vehicles (SMEV) on Tuesday urged the government to formulate a unified policy of road tax exemption for Electric Vehicles (EVs) across the country. In a letter to the Union Road Transport and Highways Minister Nitin Gadkari, SMEV said a consistent and favourable policy environment is essential to accelerate the shift towards electric mobility in India. "I am writing to request your esteemed office to weigh in on a unified policy of road tax exemption for EVs that will play a pivotal role in encouraging the adoption of clean and sustainable transportation options, which is vital for our nation's environmental and economic future," SMEV Chief Evangelist Sanjay Kaul wrote. In July, SMEV had named Kaul as its Chief Evangelist to help revise the association's agenda. In view of the Ministry of Heavy Industries' decision to reduce the subsidy component mid-way through the FAME II scheme, this input (unified policy of road tax exemption for EVs) from t

Leave encashment limit hiked to Rs 25 lakh: What does it mean for you?

The relief was announced by Finance Minister Nirmala Sitharaman in the Union Budget 2023 and the proposed hike has come into place since April 1, 2023, a circular from CBDT stated

Now, I-T relief for leave encashment on retirement at 2.5 million

The increased limit for tax exemption on leave encashment on retirement or otherwise of non-government salaried employees to Rs 25 lakh with effect from April 1, 2023

Give tax exemption to The Kerala Story, hold screenings: BJP to Delhi govt

The Delhi unit of the BJP on Sunday demanded that the AAP government give tax exemption to 'The Kerala Story' film and hold its special screenings for girls in the 15-16 age group in the city. In a letter to Chief Minister Arvind Kejriwal, Delhi BJP spokesperson Praveen Shankar Kapoor said the film was based on the "serious issue of love jihad", "religious conversion" and pushing innocent girls into "terrorism". The Delhi chief minister should promote the film by watching it himself and exempting it from entertainment tax, he said. "The Kerala Story has been given an 'A' certificate for viewing only by adults, while nowadays the danger of love jihad is gravest for the girls of 15-16 years of age. Therefore, the chief minister should contact the Film Censor Board and get it a 'U/A' certificate for Delhi so that more and more girls belonging to the sensitive category can be made aware by showing this film," Kapoor said. He said that besides girl students of classes 11 and 12, those w

Budget 2023: FDI in startups needs tax exemption, says Wadhwani Foundation

With an estimated 250 unicorns by 2025 from a little over 100 now and $180 billion of total funding by CY23, India's startup ecosystem is well-positioned to leverage the availability of young talent

BS Views of the week: Economy's future, tax exemptions, old pension scheme, and more

Laid off? Seek advice before claiming tax exemption on severance pay

You can claim only if the payout is voluntary and you have documentary proof to this effect

GST rates could change to correct inverted duty, exemptions: Report

Group of ministers headed by Karnataka Chief Minister Basavaraj Bommai is working on the second round of GST rate changes, a news report said

FinMin plans to review exemption-free tax regime to make it more attractive

The finance ministry is proposing to soon review the exemption-free new tax regime with a view to making it more attractive for individual income taxpayers, sources said

Tax benefit available only if death certificate mentions Covid, say experts

For exemption on Covid-19 payments, file revised return for FY 2021-22, updated return for earlier years

Legal heir bound by law to file deceased's tax return for year of death

Failure to do so can result in penalties for the legal heir

Understanding capital gains tax exemption under Section 54

Taxes are levied on earnings made from sale of residential property as well. It is known as capital gains tax. But did you know that in some cases you can save yourself from this tax? Find out how

Limit Section 54 benefit to curb money laundering

Section 54 tax exemption should not be available if the taxpayer already owns two or more properties on the date of sale of property

Want to push new exemption-less tax regimes further: Revenue Secretary

'This year we should have got Rs 60,000-80,000 crore as capital gains tax', said Tarun Bajaj

How hiccups in P-note GIFT plan could impact wide-scale adoption

Use of the instrument has been falling over time