Tax exemption

CBEC Clarification w.r.t. Customs Duty Exemption for Import of Ash Handling Systems, Water Treatment Plant and Coal Transportation Facilities etc. Required for Ultra-Mega/ Mega Power Projects under Heading 9801(Project Imports)

Circular No. 33/2013-Customs F.No.354/94/2011 -TRU Government of India Ministry of Finance (Department of Revenue) Tax Research Unit New Delhi, dated the 23th August, 2013 To, All Chief Commissioners of Customs. All Chief Commissioners of Customs & Central Excise. All Chief Commissioners of Central Excise. All Directors General of CBEC. Sub: - Customs Duty Exemption for… Read More

Tags: ExciseIndiaMinistry of PowerNew DelhiNhava ShevaTariffTax exemptionTRU

Services Provided to Special Economic Zone (SEZ) Authorised Operations Exempted From Service Tax

The Central Government has decided to exempt the services on which service tax is leviable under section 66B of the said Act, received by a unit located in a Special Economic Zone (hereinafter referred to as SEZ Unit) or Developer of SEZ ( hereinafter referred to as the Developer) and used for the authorised operation from… Read More

Tags: AuthorizationCenvat Credit RulesDomestic Tariff AreaMoney back guaranteeService ProviderSEZSpecial Economic ZoneTax exemption

Basic Exemption under Service Tax is not basic

Generally, it is understood that no service tax is payable, if a person™s taxable service turnover does not exceed Rs 10 lakhs in a financial year.  Basic emption  is given under taxation law and other laws to ensure that a person does not suffer undue hardship in complying with applicable legal requirements. For example, basic… Read More

Tags: Capital goodFiscal yearIncome taxIncome Tax ActPaymentService ProviderTaxTax exemption

CBEC examines issues regarding difficulties faced in availing exemption in Oil Exploration Sector

Circular No. 21 /2013-Customs F.No.B1/20/2013 -TRU Government of India Ministry of Finance (Department of Revenue) Tax Research Unit ***** New Delhi, dated 16th May, 2013 To, All Chief Commissioners of Customs. All Chief Commissioners of Customs & Central Excise. All Chief Commissioners of Central Excise. Subject: Difficulties being faced in availing exemption relating to the… Read More

Tags: ContractGovernment of IndiaIndiaJoint ventureNew DelhiNew Exploration Licensing PolicySubcontractorTax exemption

Salient features of the Tax Forgone Statement

The salient features of the Tax Forgone Statement issued by the Government are as under: ¢ This Statement seeks to list the revenue impact of tax incentives or tax subsidies that are a part of the tax system of the Central Government. ¢ This Statement attempts to estimate some of the major tax expenditure under… Read More

Tags: Government Accountability OfficeRevenueRevenue Foregone StatementTaxTax exemptionTax expenditureUnited StatesUnited States Congress Joint Committee on Taxation

Highlights of the Maharashtra Budget for 2013-14

HIGHLIGHTS OF THE BUDGET PRESENTED BY DEPUTY CHIEF MINISTER AND FINANCE MINISTER, SHRI AJIT PAWAR ON 20TH MARCH, 2013 Surveillance of transactions by Sales Tax Department to go up. Tax exemption on essential commodities, Solapuri chadars and towels, wet dates to continue up to 31st March, 2014. Tax exemption on currants and raisins to continue… Read More

Tags: Ajit PawarBrailleDroughtFinancial institutionPercentageSales taxTax exemptionValue Added Tax

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