Author: CA Tarannum Khatri

Service tax on health care services : Fully exempt

Medical expenses are day to day becoming more costly. Do you need to pay service tax on health care services? No. Thanks to Central Government that it gave mega exemption to medical and para medical services. Service tax on health care services: According to section 66B of mega exemption notification no. 25/2012, Health care services by a clinical establishment, an authorised medical practitioner or para – medics are included in mega exemption and this taxable service is exempt from whole of the service tax. You can see it on following link http://www.servicetax.gov.in/notifications/notfns-2012/st12-2012.htm Note that para medical service is also...

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Income tax deduction 2014-15 (A.Y. 2015-16)

There is change in  limit of income tax deduction 2014-15 (A.Y.2015-16) with introduction of budget 2015. I have prepared chart for it. Through it you can get details of new deduction limit under section 80C, 80D etc. Chart for income tax deduction 2014-15 ( A.Y. 2015-16) Deduction limit changes in budget 2015-16 SectionDeductionBefore budget 2015-16After budget 2015-16Other conditions to avail deduction 80CInvestment in Sukanya Samriddhi Account scheme is eligible for deduction.Interest and withdrawan are exempt.EEE (exempt-exempt-exempt) scheme. The account can be opened on the name of girl child in post office. 80CCDContribution to pension planMaximum limit Rs. 1,50,000Maximum limit...

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Union budget 2015-16 highlights : Service tax

Union budget 2015-16 has been presented by honourable Finance minister Mr. Arun Jetley on 28th February, 2015. I have gathered details of key changes in service tax in union budget 2015-16. Let’s have a look. Union budget 2015-16 highlights: service tax: Change in service tax rate in budget 2015-16: Service tax rate has been increased from 12.36% to 14 %. Please note that there will be no levy of education cess and higher secondary cess on 14%. The new service tax rate will be applicable from 1st june, 2015.       Levy of swachh Bharat Cess 2% on service tax: Central Government is empower to charge 2%  Swachh Bharat cess on any or all taxable services. That will be notified. Entertainment events/ ammusement facilities are taxable now: Fully taxable services : Amusement facilities like means of rides, gaming devises, bowling alleys in amusement parks, theme parks etc. which were exempted earlier because of inclusion in negative list are now taxable fully. Partially taxable services : Admission / entry to concerts, non recognised sporting events, music concerts, award functions are exempted if admission or entry fees is up to Rs. 500. If entry fees is more than Rs. 500, service tax should be levied. Fully exemted services: Some services are still fully exempted after budget 2015-16. Those services are used by large people frequently. The services are exhibition of...

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Gujarat Budget highlight for the year 2015-16

Shri Saurabhbhai Patel has presented gujarat budget for the year 2015-16 on 24th February, 2015. I have presented gujarat budget highlight for the year 2015-16 in this article. Gujarat Budget highlights for the year 2015-16: sector wise allocation of funds: Go through table below to get inside sector wise allocation of fund as per gujarat budget 2015-16. HeadProvision (in crores) Agriculture and allied activities4660.11 Rural development2238.74 Special area programme216.84 Irrigation and flood control13937.19 Enery6630.02 Industries and Mines2766.68 Trasportaion6568.28 Communication1000.43 Science, technology and environment557.53 Economic services2117.15 Social service38384.15 General service117.99 Total79295.11 Summary of fund allocation for various projects: Rs. 9000...

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Deduction under section 80D: The Ultimate guide

Deduction under section 80D is available for mediclaim insurance paid during the previous year. It is covered under chapter VI of income tax act. Who can use deduction under section 80D? Only individual and HUF can use section 80D deduction.   Whose insurance should be taken to get benefit of deduction of mediclaim insurance? Individual: individual can take medical insurance for himself, spouse, dependent parents or dependent children. HUF : HUF can take medical insurance for any member of HUF. Maximum limit of deduction u/s section 80D: Deduction 80D is available over and above the deduction under section 80C...

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