TAX EXEMPTION

  • Rs 1,381 crore of tax exemption to political parties in 2 years: RTI 3 days ago

    New Delhi: The tax-exempted income of 13 major political parties of the country, in last two years, amount to Rs 1,381 crore, according to an RTI query. Of this the Congress and BJP have cornered around 80 per cent. During 2012-13 and 2013-14, the Congress had a tax- exempted income...
  • Bombay HC rules in favour of Vodafone, says no taxable income liable October 10, 2014

    Mumbai: The Bombay High Court has ruled in favour of Vodafone, maintaining that it was not eligible to pay 3,200 crore in tax over the transfer of shares from an Indian subsidiary of the company to the parent company. The HC ruled that there is no taxable income arising out...
  • Budget 2014: IT exemption limit hiked by Rs 50000, save a maximum of Rs 35000 per year July 10, 2014

    There is some good news for individual tax payers under the age of 60 years as Finance Minister Arun Jaitley increased the exemption limit on income to Rs 2.50 lakh from the current Rs 2 lakh. The savings limit under Income Tax Act Section 80C has also been hiked by...
  • Tax exemption limit under 80C raised to Rs 1.5 lakh July 10, 2014

    New Delhi: Seeking to boost household savings, the government on Thursday hiked the exemption limit for investments by individuals in financial instruments to Rs 1.5 lakh. Presently the investments and expenditures up to a combined limit of Rs 1 lakh get exemptions under Sections 80C, 80CC and 80CCC of the IncomeTax...
  • Budget of hope: Health insurance industry demands hike in exemption limit July 3, 2014

    Counting down to the budget, the common man to corporate India everyone has their budget expectations. "As far as health insurance is concerned, I would request the government to increase the exemption limit under 80 D from 15000 and 20000 to a higher amount as in today's health insurance is...
  • Axe the tax: Hike conveyance allowance in the Budget, urge taxpayers July 3, 2014

    Chennai: Anuradha Nair, a 27yearold social media manager navigates through Chennai's peakhour traffic everyday to get to work. Living 5 kilometres from her office, Anuradha spends at least Rs 3000 each month on fuel bills alone. "The cost used to be Rs 5 to 6 thousand a month because my...
  • Budget 2014: Raise the tax exemption limit from Rs 2 to 5 lakh June 30, 2014

    Noida: People across the country have heightened expectations from the Narendra Modi government budget that will be presented on July 10. Nidhi and Chetan Bragta recently moved to their new house in Noida, an apartment which has consumed all their life savings. Chetan Bragta talked to CNNIBN about saving...
  • If I were FM: Expectations of people from the upcoming 2014 budget June 23, 2014

    CNNIBN reporter talks to people in Bangalore regarding their expectations from the 2014 budget. A student tells us how a reduction in the taxes is the need of the hour."So much of our income goes into paying education loans that the rebate for such a loan is still not good...
  • Salman Khan starrer 'Jai Ho' gets entertainment tax exemption in Uttar Pradesh February 1, 2014

    Newly released movie 'Jai Ho', featuring Salman Khan who had recently performed in Saifai Mahotsav, was given entertainment tax exemption by the Uttar Pradesh government. Earlier, Madhuri Dixit's 'Dedh Ishqiya' was also exempted from entertainment tax. Dixit, before release of the movie, had also participated in the 'Mahotsav' in Saifai, the...
  • AISSF asks Jharkhand govt to make Bhaag Milkha Bhaag tax free July 27, 2013

    All India Sikh Students Federation (AISSF) on Saturday appealed to the Jharkhand government to exempt Bollywood movie "Bhaag Milkha Bhaag" based on flying sikh Milkha Singh, from entertainment tax in the state. In a letter faxed to Chief Minister Hemant Soren on Saturday, BiharJharkhand unit president of AISSF Satnam Singh Gambhir...
  • 'Bhaag Milkha Bhaag' gets tax exemption in Maharashtra July 20, 2013

    Mumbai: Showing exemplary attentiveness to the film's farreaching inspirational impact, the Maharashtra government on Saturday granted tax exemption to Rakeysh Omprakash Mehra's 'Bhaag Milkha Bhaag', a biopic on former athlete Milkha Singh. The speedy manoeuvre has taken Mehra by complete surprise. "We anticipated a tax exemption. But the fact that the Maharashtra...
  • Axe the tax: Raise tax exemption limit to encourage saving habits, demand citizens February 23, 2013

    The Budget is just around the corner and in CNN-IBN's 'Axe the tax', people demand increase in tax exemption limit to at least Rs 2 lakh, which may encourage more savings and boost saving options. ...
  • Axe the tax: Parents demand more tax breaks on tuition fees February 19, 2013

    Mumbai: In the run up to the Budget Session, CNNIBN's 'Axe the tax' touches upon upon tax breaks on tuition fees. With educational costs rising, most parents believe more tax exemptions are required. CNNIBN met up with a family in Mumbai. Two and a half year old Supriya will start school...
  • Axe the tax: Citizens seek revision of tax exemption limit February 18, 2013

    New Delhi: In the run up to the Budget, CNNIBN's Axe the Tax campaign looks at how does one save for their retirement and family. But the question is whether the government is encouraging the Indian citizens to put away enough. Ten years ago, the savings exemption limit was set...
  • Tax exemption to parties in 5 years: Rs 2,490 cr December 2, 2012

    New Delhi: Ten main political parties of the country had a whopping Rs 2,490 crore of taxexempted income in the last five years, according to information from the Income Tax department through an RTI plea. Of this the ruling Congress and the main Opposition party BJP have cornered more than...
  • IT not harassing Ramdev: CBDT chairperson September 7, 2012

    New Delhi: The CBDT on Thursday rejected the charge that it was harassing Yoga guru Ramdev against whom it has slapped a Rs 58 crore notice for alleged violation of tax exemption provisions given to his trust. "As far as allegation of harassment of Baba Ramdev has been made by you...I...
  • Income tax exemption limit raised to Rs 2 lakh March 16, 2012

    New Delhi: Giving some relief to tax payers, Finance Minister Pranab Mukherjee on Friday proposed raising the income tax exemption limit for individuals to Rs 2 lakh per annum from Rs 1.80 lakh. Unveiling the Budget proposals for 201213 in the Lok Sabha, he also increased the limit to Rs 10...
  • 'If I were FM, I would raise the tax exemption limit' March 12, 2012

    CNNIBN travels across the country to know what the country wants from the Finance Minister this budget. ...
  • Budget: Increase tax breaks, says House panel March 9, 2012

    New Delhi: With just a week left before the Union Budget for the year 2012 is announced, the Parliamentary Standing Committee on Direct Taxes has recommended major tax reforms, including a raise in the tax exemption limit for annual income up to Rs 3 lakh. The panel has also recommended...
  • Budget 2012: Aam Aadmi wants to save more March 9, 2012

    New Delhi: Tax experts have always been advising us to save for our retirement and for our family, and all the savings can even help us save on income tax. But is the government encouraging us to put away enough? Many Indians want to be able to save much more. Anya,...
  • IT exemption limit may be raised to Rs 3 lakh February 24, 2012

    New Delhi: Ahead of the Budget, a key Parliamentary panel scrutinising the Direct Taxes Code (DTC) is likely to recommend raising of income tax exemption limit to Rs 3 lakh and tax breaks on investments to Rs 2.5 lakh. "There is a consensus among the members that annual tax exemption limit...
  • Tax exemption limit may be hiked to Rs 2 lakh February 6, 2012

    New Delhi: The government is likely to provide some relief to individual income tax payers in the forthcoming Budget by raising the exemption limit to Rs 2 lakh, as provided in the Direct Taxes Code (DTC), and hiking the slabs for different tax brackets. The possibility of lowering the tax rates,...
  • Cabinet divided over tax exemption for ICC April 1, 2011

    New Delhi: Sports Minister Ajay Maken, Information and Broadcasting Minister Ambika Soni and Tourism Minister Kumari Selja objected to the tax waiver to the International Cricket Council in a Cabinet meeting on Thursday, sources said. The Cabinet had on Thursday approved a Rs 45 crore service tax exemption to the ICC,...
  • World Cup 2011 gets Rs 45 cr tax exemption March 31, 2011

    New Delhi: In a relief to the International Cricket Council, the government on Thursday approved tax exemption of about Rs 45 crore for incomes from the ongoing World Cup. The decision was taken at a meeting of the Cabinet, which was also attended by Agriculture Minister...
  • Axe The Tax: 5 taxes that India wants axed February 26, 2011

    As India gets ready for Budget 2011, CNNIBN brings you five taxes that Indians do not want. ...
  • Axe the Tax: CNNIBN meets Pranab Mukherjee February 26, 2011

    New Delhi: While corporates and political parties lobby for better deal, ordinary tax payers are the ones who often get a raw deal during the budget. Axe the Tax, a CNNIBN campaign has been taking peoples concerns to the Finance Minister for the last four years. Powered by citizens, the...
  • Axe the Tax: hike investment exemption cap February 23, 2011

    New Delhi: Tax experts always tell us to save, but is the government encouraging us to put away enough? Little Vivan was playing under the watchful gaze of his parents. But while Vivan was be happygolucky, his parents have other things on their minds how to save for their family,...
  • Budget is good for the domestic economy: Apollo Munich February 26, 2010

    Reaction of Shobana Kamineni on the Union Budget 2010. "I think this budget is good for the domestic economy. The government seems to be doing its bit towards economic recovery. The decision to broaden the tax exemption limits and to provide increased level of tax exemption under section 80C is welcome...
  • IBNFocus: TDS process simplified July 5, 2009

    The process of filing the TDS or tax deductible at source could itself be the most tedious functions for an organization. eTDS helps you to understand the TDS process and doubts that arise out of it. ...
  • Axe the Tax: CNNIBN takes public tax woes to FM July 4, 2009

    Global economic meltdown has meant the axe falling on many jobs and financial aspiration of people. This Budget year, CNNIBN turns the proverbial act into the direction of public policy. ...