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exemption Archives - All About Finance

exemption

GST UPDATE ON LANDMARK DECISION GRANTING EXEMPTION TO ANCILLARY SUPPLIES IN RELATION TO SUPPLY OF ELECTRICITY

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Recently Gujarat High Court ([TS-858-HC-2018(GUJ)-NT-Torrent Power Ltd]) has held that when a company is engaged in the business of supply and distribution of electric power which is principal supply, the ancillary and related supply such as application fee for release of connection, meter testing fees, rental charges against meter equipment/transformers capacitors, fees for shooting of meters or lines, … Read more

Exemption of customs duty on import of Urea under Urea Off-Take Agreement with Oman-India Fertilizer Company

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[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE)  Notification No.04 /2015 – Customs New Delhi, the 16th February, 2015             G.S.R.       (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 … Read more

Taxability of Leave Travel Assistance under Section 10 (5) of Income Tax Act

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One of my student, we lovingly calls him Mr. Doubtful, has always doubts even in simple provisions. The main reason was that he was in too hurry to read and understand the whole provision. While learning the Taxability of Leave Travel Assistance in the Income from Salary chapter he asked very wonderful questions!!! 1)      Sir, … Read more

Nature of payment for deduction under section 80C of Income Tax Act

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Meaning Individual or Hindu undivided family can claim deduction under section 80C. The qualifying amount under section 80C of income tax act is deductable form gross total income. Deduction is available on the basis of qualifying investment, contribution or payment made by taxpayer during financial year.  Maximum amount deductable  Maximum amount deductable under section 80C … Read more