INCOME TAX EXEMPTION
GST reforms bring big relief to people who suffered huge tax burden under Congress: BJP
Ashwini Vaishnaw says GST rate cuts will benefit common people and boost India's economy. The new GST rates will be effective from September 22, the first day of Navratri. He criticized the Congress for high taxes before 2014. Vaishnaw highlights PM Modi's commitment to the welfare of the middle class.
India needs campaign for better opposition, their criticism of GST ill-informed: FM Nirmala Sitharaman
Finance Minister Nirmala Sitharaman criticizes the opposition's GST reform remarks. She calls their understanding of GST implementation ill-informed. Sitharaman reminds that Congress ministers were also part of the decision-making. She emphasizes the need for better opposition leaders. Sitharaman defends the government's pro-people reforms. She highlights the GST Council's decision to limit tax slabs.
CBDT extends I-T exemption window for sovereign wealth, pension funds till 2030
The CBDT has extended income tax exemptions for sovereign wealth and pension funds investing in India's infrastructure until March 31, 2030. This move, formalized after an earlier announcement, aims to attract long-term global capital by exempting these funds from taxes on dividends, interest, and capital gains.
Govt reforms, fiscal prudence played key role in GDP hitting 5-qtr high of 7.8 pc: India Inc
India's economy showcased robust growth at 7.8% in April-June, fueled by government reforms and fiscal prudence. Industry leaders are optimistic about weathering global challenges due to strong domestic demand. The growth reflects strengths in government expenditure, services, and manufacturing, positioning India as the fastest-growing major economy.
Changes in tax on lumpsum and premature withdrawals under UPS and NPS in the latest version of Income Tax Act, 1961
FM Nirmala Sitharaman introduced the Taxation Law (Amendment) Bill, 2025, in Lok Sabha, aiming to align the tax treatment of the Unified Pension Scheme (UPS) with the National Pension System (NPS). The bill proposes income tax exemptions for UPS payments up to 60% of the corpus at retirement. Also, in case a UPS subscriber or their nominee receives funds from the scheme before their superannuation, retirement or voluntary retirement, it will be taxable in their hands.
Delhi High Court orders income tax exemption for Noida
The Delhi High Court has directed the income tax department to grant income tax exemption to the New Okhla Industrial Development Authority (NOIDA) under Section 10(46) of the Income Tax Act, 1961. The court rejected the Central Board of Direct Taxes' decision that denied NOIDA's request for tax exemptions, stating that the revenue department erred in categorizing NOIDA's activities as commercial.
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SC to examine if nuns, priests working as teachers entitled for IT exemption
The Supreme Court has agreed to examine an important legal question regarding income tax exemption for nuns and priests working as teachers in government-aided Christian missionary schools. The court will consider listing the plea which challenges the imposition of income tax on the income of these teachers.
CBDT issues conditions, forms to get income tax exemption on covid 19 help money
The Central Board of Direct Taxes (CBDT) has asked the family members who received ex-gratia from an employer of the deceased employee or any other financial help from relatives to submit a form within a deadline as applicable to them. If this form is not submitted, then the family member cannot claim income tax exemption on the money received due to the death of the individual by covid-19.
Received money for covid-19 treatment from employer, relatives? Proofs needed to claim tax exemption
The Central Board of Direct Taxes (CBDT) issued a notification on August 5, 2022, asking the employees to submit certain documents to the employer and income tax department. The documents must be submitted to claim income tax exemption on the money received from the employer and/or relatives for covid-19 treatment. The documents must be submitted within a certain timeline.
What are the tax exemption limits for allowances, reimbursements paid to employees? Find out
Here are the tax-exemption limits for various allowances that are recived by employees. Do note that these allowances are partially or fully taxable in the hands of an employee under the old tax regime for current financial year.
SC denies income tax exemption to local authority
SC observed that though the assessee undertakes development in the urban area included in municipality or municipal board, it is not constituted in place of the municipality or municipal board.
Angel investors in startups get income tax exemption
The Department of Industrial Policy and Promotion last month, which said that the share capital and share premium of the startup should not exceed Rs 10 crore after such investments.
Centre denies income tax exemption to VTU with retrospective effect
"The varsity is facing funds crunch due to seizure of bank accounts and has taken a loan of Rs 15 crore. It has no funds to pay the next month salary.
Budget 2016: Employers may get 30% income tax exemption for creating extra jobs
This is in line with government's commitment to create more jobs. A panel of secretaries has proposed fiscal and monetary incentives for consideration in the budget.
More trouble for Greenpeace? IB alleges financial irregularities in letter to revenue secretary
The Intelligence Bureau has asked the Finance Ministry to withdraw the environmental lobby group’s income-tax exemption.
Arun Jaitley advocates hike in income tax exemption limit
He said though it is for his party to decide collectively on larger policy issues, he will strongly put forth his iedas both within the party and in Parliament.
Finance Ministry moves to recover IT exemption availed by Cadbury
Sources said on top of the excise duty exemption, Cadbury is alleged to have wrongly claimed income tax exemption on profit earned through its production unit.
MAT on SEZ dents India's image: Survey
The survey said 75% of the respondents felt that MAT has impacted India's credibility as a dependable investment destination.
Budget 2013: FICCI proposes income tax exemptions for education sector
'Any person enrolling for a Skills Certification course be eligible for a 20% tax rebate.'
Budget 2012: Reinstate income tax exemption for infrastructure capital companies, says Assocham
Industry body Assocham today called for reinstating income tax exemption for infrastructure capital companies and funds in Budget 2012.
Union Budget 2011: Income tax exemption limit raised to Rs 1.8 lakh
The increase in the income tax exemption limit to Rs 1.8 lakh per annum would translate into a benefit of Rs 2,000 for all tax payers.
FM likely to raise IT exemption limit to Rs 2 lakh: Tax experts
Tax experts are hopeful Finance Minister Pranab Mukherjee will increase the income tax exemption limit to bring the rates in line with the Direct Taxes Code.
Budget 2011: Govt may raise tax exemption limit; says Goldman Sachs
Presently, income up to Rs 1,60,000 is exempted from tax for individuals. For women and senior citizens, the limit is Rs 1,90,000 and Rs 2,40,000, respectively.
Govt retains tax exemption to interest on housing loans
The government on Tuesday proposed to retain the income tax exemption for up to Rs 1.5 lakh paid as interest on housing loans in a year, a step that brings cheers back to home loan borrowers.
Income tax exemption limit raised
Bringing cheer to the salaried class, the slabs for personal income tax have been revised with the exemption limit being raised from Rs 1.10 lakh to Rs 1.50 lakh, ensuring a minimum relief of Rs 4,000 for every assessee.
CEOs expect revision in income tax exemption: Assocham
Over 90 per cent of India's CEOs surveyed by industry body Assocham feel that Finance Minister P Chidambaram is likely to enhance income tax exemption in his Budget.
BJP demands increase in income tax exemption limit
The BJP today came out with its wish-list for the upcoming Union Budget, demanding that the income tax exemption limit be increased to Rs 1.5 lakh and the interest rates on housing, education and agricultural loans be reduced.
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