Negative List is compressed and consequent following service which were not taxable earlier will be now chargeable to service tax. 1. Admission to Entertainment events etc. in service tax net. 2. Manufacture of alcoholic liquor for human consumption under service tax. 3. Not only Support Services, but all services by Read more…
following changes in service tax will be effective from 01.04.2015 -Abatement rate in case of Goods transport service has been reduced from 75% to 70%.Hence effective rate of service tax will be 3.708% (earlier it was 3.09%) -In case of manpower supply service,the service receiver should pay 100% of service Read more…
Following Are the List of Tax rate Applicable To Different class of assesses in INDIA for the A.Y. 2013-14
A)For Individual /HUF/BOI & Every artificial Judicial Person
| Level of Total Income | Rate of Income Tax |
| Where total Income does not exceed ₹ 2,00,000 | Nil |
| Where the total Income Exceeds ₹ 2,00,000 but does not exceed ₹ 5,00,000 | 10% of the Amount by which the Total Income exceed ₹ 2,00,000 |
| Where the total Income Exceeds ₹ 5,00,000 but does not exceed ₹ 10,00,000 | ₹ 30,000 plus 20% of the Amount by which the Total Income exceed ₹ 5,00,000 |
| Where Total Income exceeds ₹ 10,00,000 | ₹ 1,25,000 plus 30% of the Amount by which the Total Income exceed ₹ 10,00,000 |
In India there is no separate legislature for Service Tax . Service Tax in India is
governed by The Finance Act, 1994 as amended from time to time. Service tax in India
is mostly governed by various Rules, Notifications, Circulars, and
(more…)India finance Budget Highlights : 2014 1 Rs 100 crore for training of sportspersons for upcoming Asian Games. 2 Sports university to be set up in Manipur, Rs 100 crore to be provided for this. 3 Biotech clusters to be set up in Bangalore and Faridabad. 4 An NRI Read more…
Direct Tax Highlights
| 1 | Income tax department is expected to function not only as an enforcement dept but also as a facilitator |
| 2 | Net effect of direct tax proposals is revenue loss of Rs 22,200 crore |
| 3 | 60 more 'Ayakar Sewa Kendras' to be set up. |
| 4 | Housing loan rebate to raised from 1.5 lakh to 2 lakh: Jaitley |
| 5 | Investment limit under 80C raised from Rs 1 lakh to Rs 1.5 lakh |
| 6 | Tax exemption limit for small and marginal, and senior tax payers changed from Rs 2 lakh to Rs 2.5 lakh. |
| 7 | Personal income tax limit increased by Rs 50,000 for people below 60 years. |
| 8 | No changes in tax rates for individuals. |
| 9 | FM raises PPF ceiling to Rs 1.5 lakh |
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