These exemptions have been extended for exporters buying inputs domestically or importing for export purposes under export oriented unit (EOU) scheme, Export Promotion Capital Goods (EPCG) scheme and advance authorisation.

\"I foresee a better quality of life in urban slums, rural India and the policies must be aimed at allowing these people to aspire and get into at least neo middle class,\" says Jaitley.

The DPIIT may soon develop a framework to accredit investors looking to invest in start-ups to save them from the hassles of Angel Tax.

Speaking at the Aaj Tak National Security Summit, Jaitley said government has increased the tax base during the last five years and money raised from taxes will be used for defence.

Startups to get angel tax relief retrospectively from Feb 19; here are new norms notified by CBDTThe government in February relaxed the definition of startups in a bid to encourage budding entrepreneurs, and allowed them to avail full angel tax concession on investments worth up to Rs 25 crore. Following that up, the income tax department recently notified the modified norms for startups to enable them to seek this exemption. The modified norms will be effective retrospectively from February ...

After the news that TIFR was facing fund shortage spread, the authorities deposited the remaining salary component of the staff in their bank accounts later.

\"Ministry of Finance has enhanced the income tax exemption for gratuity under Section 10 (10) (iii) of the Income Tax Act, 1961 to Rs 20 lakhs,\" a labour ministry statement said.

Briefing media after the meeting of the Cabinet Committee on Economic Affairs (CCEA), Finance Minister Arun Jaitley said approval has been given to an investment of Rs 10,439.09 crore for the 2x660 MW Buxar Thermal Power Project (Buxar TPP) in Bihar.

The council had doled a slew of benefits to the MSME sector including a hike in the turnover threshold, and approval of 6 per cent composition scheme for the services sector with a threshold limit of Rs 50 lakh.

The CBDT clarified that the provisions of Section 56 (2)(viib) of the Income Tax Act won't apply to consideration received by a startup for the issue of shares in excess of their face value if these funds have been received in accordance with the conditions put in place by the DPIIT in February

The government decided to double the income tax exemption on gratuity income in the Interim Budget to accommodate rising inflation and salary levels. This will result in huge savings for people with long years of service.