Tax Exemption

The Indian tax system for FY 2024-2025 maintains existing income tax slabs, allowing taxpayers to choose between old and new regimes.

The World Bank has asked the Pakistani government to make tax reforms and remove the exemptions on duties and sales tax, Pakistan-based ARY News reported.

In a detailed note, the ministry explained that the new tax regime has low rates but fewer exemptions and deductions.

The Congress lost income tax exemption in 2018-19 due to extensive use of cash in the electoral process, sources said, justifying that Rs 135 crore tax recovery from the party was consistent with the provisions of the Income Tax Act.

With the Interim Budget just days away, all eyes are on Finance Minister Nirmala Sitharaman for tax waivers or enhancement of income tax exemption limits.

The Income Tax department has prescribed a mechanism for calculating income proceeds from life insurance policies where aggregate annual premium exceeds Rs 5 lakh.

Israel aims to paint its picture as a pro-crypto nation to attract investors to engage with its economy. To do so, the country is mulling if Israel should exempt foreigner residents from paying taxes on incomes derived from the sale of crypto assets.

The GST Council at its next meeting on Tuesday is likely to exempt cancer medicine Dinutuximab imported by individuals from tax, decide on applicability of GST on food or beverages served in multiplexes and come out with a clear definition of utility vehicles for levying a 22 per cent cess, sources said.

In line with the Budget announcement, the finance ministry on Thursday hiked the tax exemption limit for leave encashment upon retirement for private sector salaried employees to Rs 25 lakh.

The Income Tax Department on Friday proposed to exempt Sebi-registered FPIs, pension funds and SWFs from the purview of angel tax.

Tax Collected at Source (TCS) for spending through international credit cards under RBI's Liberalised Remittance Scheme on overseas tour packages and any other remittance (such as for bonds, shares, and real estate gifts) will be exempted within the annual limits of USD 250,000, the government clarified on Thursday.

Chief Minister YS Jagan Mohan Reddy instructed officials to exempt Gurdwaras from property tax and also to provide benefits for Granthis (Priest for a Gurudwara).

The Finance Ministry has exempted the Central Board of Secondary Education (CBSE) from paying income tax on earnings from examination fees, sale of text books and publications, besides others

An activist was assaulted on Saturday while protesting against income tax exemption to old settlers in Sikkim. The incident sparked violence in Singtam, prompting the authorities to banned large gatherings.

The new tax regime will have none of the usual exemptions on insurance premium, mutual funds and other such investments.

The Indian tax system for FY 2024-2025 maintains existing income tax slabs, allowing taxpayers to choose between old and new regimes.

The World Bank has asked the Pakistani government to make tax reforms and remove the exemptions on duties and sales tax, Pakistan-based ARY News reported.

In a detailed note, the ministry explained that the new tax regime has low rates but fewer exemptions and deductions.

The Congress lost income tax exemption in 2018-19 due to extensive use of cash in the electoral process, sources said, justifying that Rs 135 crore tax recovery from the party was consistent with the provisions of the Income Tax Act.

With the Interim Budget just days away, all eyes are on Finance Minister Nirmala Sitharaman for tax waivers or enhancement of income tax exemption limits.

The Income Tax department has prescribed a mechanism for calculating income proceeds from life insurance policies where aggregate annual premium exceeds Rs 5 lakh.

Israel aims to paint its picture as a pro-crypto nation to attract investors to engage with its economy. To do so, the country is mulling if Israel should exempt foreigner residents from paying taxes on incomes derived from the sale of crypto assets.

The GST Council at its next meeting on Tuesday is likely to exempt cancer medicine Dinutuximab imported by individuals from tax, decide on applicability of GST on food or beverages served in multiplexes and come out with a clear definition of utility vehicles for levying a 22 per cent cess, sources said.

In line with the Budget announcement, the finance ministry on Thursday hiked the tax exemption limit for leave encashment upon retirement for private sector salaried employees to Rs 25 lakh.

The Income Tax Department on Friday proposed to exempt Sebi-registered FPIs, pension funds and SWFs from the purview of angel tax.

Tax Collected at Source (TCS) for spending through international credit cards under RBI's Liberalised Remittance Scheme on overseas tour packages and any other remittance (such as for bonds, shares, and real estate gifts) will be exempted within the annual limits of USD 250,000, the government clarified on Thursday.

Chief Minister YS Jagan Mohan Reddy instructed officials to exempt Gurdwaras from property tax and also to provide benefits for Granthis (Priest for a Gurudwara).

The Finance Ministry has exempted the Central Board of Secondary Education (CBSE) from paying income tax on earnings from examination fees, sale of text books and publications, besides others

An activist was assaulted on Saturday while protesting against income tax exemption to old settlers in Sikkim. The incident sparked violence in Singtam, prompting the authorities to banned large gatherings.

The new tax regime will have none of the usual exemptions on insurance premium, mutual funds and other such investments.