CBDT Notifies Persons Exempted from Angel Tax Provisions
Central Board of Direct Taxes (CBDT) has notified certain certain classes of persons which are exempt from the 'angel tax' provisions under Income-tax Laws, vide Notification 29/2023.
Tag: Exemptions
DPIIT Recognized Startups Exempted from Angel Tax Provisions
CBDT has amended the provisions of the 'Angel Tax' under Section 56(2)(viib) of the Income Tax Act, 1961, to exempt or exclude start-ups recognized by the DPIIT, vide Notification …
Leave Encashment Exemption Limit Enhanced for Private Sector Employees
The tax exemption limit for non-government (private sector) salaried employees on leave encashment has been raised from Rs 3 lakh to Rs 25 lakh, effective April 1, 2023.
Relief for Rare Disease Patients: Government Exempts Customs Duty on Drugs and Food
The Indian government has exempted customs duty on imported drugs and food for rare diseases treatment, providing much-needed financial relief to patients.
CBIC notifies ‘Nil’ GST rate for Rab (other than packaged or labelled)
The Central Board of Indirect Taxes and Customs (CBIC) has announced a reduction in the Goods and Services Tax (GST) rate for “Rab” sold without packaging and labelling from …
CBIC Exempts Government Bodies from GST for Conducting Entrance Exams for Educational Institutions
CBIC has exempted government bodies, including the National Testing Agency, from GST for conducting entrance examinations for educational institutions, effective March 1, 2023.
Custom Duty Exemptions (Ind-Aus ECTA): CBIC Notification
The Central Government has notified exemptions from customs duty in respect of the following imports under the India-Australia Economic Co-operation and Trade Agreement (Ind-Aus ECTA), in exercise of the …
Bengaluru needs Metro Status for 50% HRA Exemption: MP Tejasvi Surya
Bengaluru MP Tejasvi Surya has raised the issue in Parliament about including Bengaluru in Metro Cities for allowing 50% HRA exemption under Section 10(13A) of the Income Tax Act, …
Annual GST Return Exemption FY 2021-22: CBIC Notification
The CBIC has notified that small taxpayers with an aggregate annual turnover (AATO) of up to Rs 2 crore are exempt from filing the annual GST return for the …
ICAI’s Handbook on I-T Compliance for Donations Received by Charitable Trusts (Form 10BD/ 10BE)
In light of recent changes in the Income Tax provisions relating to compliance by charitable religious trusts/institutions, the ICAI has issued a new publication, ‘Handbook on Statement of Donations …