What is section 11 of Income Tax Act?
What is section 11 of Income Tax Act?
1) Section 11 provides exemption for income derived from property held under trust wholly for charitable or religious purposes to the extent such income is applied for charitable or religious purpose in India. However, this exemption shall be subject to certain conditions.
What is taxable value in service tax?
Taxable Value “Value of taxable service” as defined under Section 67 of the aforesaid Act means the gross amount charged by the service provider for the taxable service rendered by him.
What is the service tax in Pakistan?
Sales Tax Rate in Pakistan is expected to reach 17.00 percent by the end of 2021, according to Trading Economics global macro models and analysts expectations. In the long-term, the Pakistan Sales Tax Rate – Sales Tax is projected to trend around 17.00 percent in 2022, according to our econometric models.
What is the maximum exemption limit for AY 2020-21?
Income Tax Deductions in India
| Sections | Income Tax Deduction for FY 2020-21 (AY 2021-22) | Limit for FY 2020-21 (AY 2021-22) |
|---|---|---|
| Section 80TTB | Interest Income earned on deposits(Savings/ FDs) | Upto Rs 50,000/- |
| Section 80U | Disabled Individuals | Normal Disability: Rs. 75,000/- Severe Disability: Rs. 1,25,000/- |
What is section 13 of Income Tax Act?
Income not for the Benefit of Public – Section 13(1)(a) Income tax exemption will not be available for any part of the Income from the Property held under a trust for private religious purposes which does not enure for the benefit of the public under Section 13(1)(a).
What is section 12 of Income tax?
Section 12 of Income tax act talks about voluntary donation received by a trust for charitable or religious purposes will be income derived from the property held under the trust wholly for the purposes mentioned and can claim exemption following the conditions mentioned in section 11 of the Act.
What is the rule of service tax?
Service Tax Registration Rules Every individual liable to pay service tax should register through Form ST-1 within 30 days from the date on which service tax was levied. If an assessee is providing more than one taxable service, they can mention all the taxable services provided by them in a single application.
Who is exempt from service tax?
100% EXEMPTION AS PER NOTIFICATION NO. 25/2012- SERVICE TAX DATED 20.06. 2012
| S. No | Service Provider |
|---|---|
| 2 | 1.Clinical Establishment i.e. Hospital, Nursing Home, Clinic, Sanatorium, testing lab etc. 2.Medical practitioner i.e. Doctor.3.Paramedics i.e. Nursing Staff. |
| 2A | Core blood bank. |
| 2B | Operator. |
| 3 | Veterinary clinic. |
What is SST in Pakistan?
Later, in terms of Articles 8 and 9(2) of the 7th NFC Award of 2010, the Sindh Sales Tax on Services Act, 2011, was enacted by the Sindh Government and, effective from July 01, 2011, the Sindh sales tax (SST) is administered regulated and collected by Sindh Revenue Board (SRB).
What is the basic exemption limit for AY 2021 22?
Basic exemption limit for NRIs is of Rs 2.5 Lakh irrespective of age….
| Income Tax Slab | New Regime Income Tax Slab Rates FY 2021-22 (Applicable for All Individuals & HUF) |
|---|---|
| Rs 7.5 lakh – Rs 10.00 lakh | 15% |
| Rs 10.00 lakhs – Rs 12.50 lakh | 20% |
| Rs 12.5 lakhs – Rs 15.00 lakh | 25% |
| > Rs 15 lakh | 30% |
What comes under 80CCC and 80CCD?
Section 80CCC – Insurance Premium /Section 80CCD – Pension Contribution.
What is Section 14A of Income Tax Act?
Section 14A of the Act provides that no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income that does not form part of the total income as per the provisions of the Act (exempt income).
What is difference between Section 12A and 12AA?
Section 12A deals with registration of trust and Section 12AA deals with online procedure for registration of trust.
Who is eligible for service tax?
All service providers in India are required to obtain service tax registration once the annual aggregate taxable services revenue exceeds Rs. 9 lakhs. Service tax payment or liability accrues once the aggregate value exceeds Rs. 10 lakhs.
Is it mandatory to pay service tax?
So, as per law, Service Tax has been phased out by GST and customers are not supposed to pay it.
How much is SST in Pakistan?
Sales tax rates in Pakistan The standard sales tax rate in Pakistan is 17%.
How many types of taxes are there in Pakistan?
Taxation in Pakistan is a complex system of more than 70 unique taxes administered by at least 37 agencies of the Government of Pakistan.
How is hand salary calculated?
Take Home Salary = Gross Salary – Income Tax – Employee’s PF Contribution(PF) – Prof. Tax. Gross Salary = Cost to Company (CTC) – Employer’s PF Contribution (EPF) – Gratuity. Gratuity = (Basic salary + Dearness allowance) × 15/26 × No. of Years of Service.
What is the income tax slab for AY 2022-23?
Income Tax Slab Rate for FY 2021-2022- Applicable for New Tax Regime
| Income Slab (in Rs.) | Income Tax Rate |
|---|---|
| 7,50,000- 10,00,000 & above | 15% of the amount exceeding Rs. 7,50,000 + Rs. 37,500 |
| 10,00,000 – 1,250,000 | 20% of the amount exceeding Rs. 10,00,000 + Rs. 75,000 |
What is the new tax slab for 2020 21?
New Tax regime Slab rates for domestic companies for FY 2020-21. h. Income tax rate for Partnership firm or LLP as per old/ new regime….
| Income Tax Slab | Individuals Below The Age Of 60 Years – Income Tax Slabs |
|---|---|
| Rs. 2.5 lakh -Rs. 5 lakh | 5% |
| Rs 5.00 lakh – Rs 10 lakh | 20% |
| > Rs 10.00 lakh | 30% |
What is the difference between 80CCD 1 and 80CCD 2?
80CCD (1) deals with the investment or contribution made by an employer to such a pension scheme whereas section 80CCD (2) deals with employer contribution to an employee’s pension account. National Pension Scheme (NPS) is the scheme notified by the central government.
Can I claim both 80CCD 1B and 80CCD 2?
The deduction under Section 80CCD(1B) is over and above the deduction availed under Section 80CCD(1), however, the same amount cannot be claimed both under both the sections. Section 80CCD(2): Salaried employees also gets the tax benefit on employer contribution to his or her NPS account.
How do you calculate 14A disallowance?
(ii) 1% of the annual average of the monthly average of the opening & closing balances of investment, income from which does not or shall not form part of total income. Total disallowance u/s 14A read with Rule 8D shall not exceed the total expenditure claimed by the assessee.