Income Tax exemptions, as per Indian Budget 2016-17

 

Customs duty tariff rate changes as per Indian Budget 2017-18
Central Excise Duty changes as per Indian Budget 2017-18
Service Tax rate Changes under Indian Budget 2017-18

(Updating soon after Budget 2017-18 on 1st February,2017 under text format and pdf format)

Budget 2016-17 changes in customs import duty tariff,excise duty and service tax

Indian Union Budget 2016-2017, changes in import customs tax tariff, chapter wise

Indian Budget 2016-17, Excise duty tariff changes, chapter wise

Changes in Service Tax as per Budget 2016-17

Income Tax exemptions, as per Indian Budget 2016-17

Income Tax exemptions, as per Indian Budget 2016-17Indian Budget 2016-17 explains:

 

In order to lessen tax burden on individuals with income not  exceeding `5 lakhs, I propose to raise the ceiling of tax rebate under section

87A from `2,000 to `5,000. There are 2 crore  tax payers in this category who will get a relief of `3,000 in their tax liability.

The people who do not have any house of their own and also do not get any house rent allowance from any employer today get a deduction of

`24,000 per annum from their income to compensate them for the rent they pay. I propose to increase the limit of deduction in respect of rent paid under

section 80GG from `24,000 per annum to `60,000 per annum, which should provide relief to those who live in rented houses.

Presumptive taxation scheme under section 44AD of the Income Tax Act is available for small and medium enterprises i.e non corporate

businesses with turnover or gross receipts not exceeding one crore rupees.

At present about 33 lakh small business people avail of this benefit, which frees them from the burden of maintaining detailed books of account and

getting audit done. I propose to increase the turnover limit under this scheme to Rupees two crores which will bring big relief to a large number of

assesses in the MSME category.

I also propose to extend the presumptive taxation scheme to professionals with gross receipts up to `50 lakh with the presumption of

profit being 50% of the gross receipts.

 

 

Import duty changes for miscellaneous chemical products under HS code 38 as per Indian Budget 2016-17

Govt tariff changes for import of plastics and plastics articles as per Budget 2016-17

Import tax tariff changes for rubber and rubber articles as per Indian Union Budget 2016-17

Latest Indian budget changes for import of leather, skins and raw hides

Indian Union Budget changes in excise duty for live animal as per HS code 01

Budget changes in excise duty for meat edible oil as per HS code 002

Indian Union Budget 2016-17, changes in excise duty for fish and crustaceans as per HS code 03

India Budget 2016-17, changes in excise duty for eggs, honey,diary products as per HS code 04

Indian Union Budget 2016-17, changes in excise duty for animal origin products as per HS code 005

Budget changes in excise duty for cut flower, roots, bulb as per HS code 006

Changes in excise duty as per Indian Budget 2016-17 for edible vegetables as per HS code 07

Indian Union Budget changes in excise duty for edible fruits and nuts peel of citrus,melon as per HS code 08

Exemption of excise duty on non manufacturers of goods for installation of cold storage

Exemption on goods financed by UN and Intl agency extends to sub contractors

Area based excise duty exemption presently available to the North Eastern States

BED and NCCD on pan masala, tobacco products, crude petroleum, mobile phones and motor vehicles

Clarification to Department of Scientific and Industrial Research (DSIR)

Customs duty exemption clarification for aircraft engines and parts

OLP and PTCR for manufacture of refrigerator compressor exemption clarification

clarification on exemption of Liquefied Natural Gas (LNG) for SEZ

Exemption of Excise duty of BCD and CVD on power project

No refund of SAD under notification No.102/2007-Customs dated 14.09.2007

Tax changes for specified goods imported for petroleum exploration under Indian Budget 2016-17

How to import your goods?

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Different types of Containers

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Click here to know HTS (Harmonized Tariff System) code of your product

What are the risks and solutions in Export Business?
Service Tax - Click here to read complete notification under Budget 2014
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Types of export containers
Measurement of export containers
Export Import Policy of India 2015-20
MEIS, Merchandise Exports from India Scheme
SEIS, Service Exports from India Scheme
Merge your Commercial Invoice and Packing List for all your future exports
Export procedures and documentation

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Bank financial benefits to Exporters

How does Letter of Credit work?

Procedure and Documentation for Filing Claim of Marine Insurance

Transferability of Bill of Lading

Transhipment - A redefinition

Travelers to India under import duty exemption, Frequently Asked Questions Part 2

Triangular export

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Types of Insurance Documents.

Importance of Bill of Lading

Introduction to this web site.

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Is Letter of Credit LC safe for an Importer?

 Is ON BOARD CERTIFICATE required for LC negotiation

Why to insure export goods?

Why, best attention while preparing Export Invoice?

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