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Year: 2007

Service Tax

Service Tax

Service Tax What is it? It is tax on the transaction of providing a service for a consideration. Presently, it is collected on “100” services. Who pays it? Normally it is to be paid by the service provider. However in certain cases the responsibility is on the service, e.g., service provided by a goods transport agency for transport of goods by road; sponsorship receiver providing service to sponsor; or where the service provider is located outside India. Small service providers…

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Say ‘No’ to Plastic Carry Bags

Say ‘No’ to Plastic Carry Bags

Plastic carry bags not only cause environmental degradation but also release harmful and toxic gases which are Carcinogenic in nature and pose a serious health hazard.  Keeping all these aspects in view, the various State Governments has decided to ban the manufacturing and use of plastic carry bags of thickness less than 30 microns and size less than 8"x12". Beside this there is a complete ban on use of plastic articles such as carry bags (irrespective of thickness and size),…

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Indian Income Tax Rate for Assessment Year 2007-2008

Indian Income Tax Rate for Assessment Year 2007-2008

Indian Income 2007 PERSONAL INCOME TAX For Individual & H.U.F. Income Tax Rates Rs. 1 upto 1,10,000 Nil Rs. 1,10,001 upto 1,50,000 10% Rs. 1,50,001 upto 2,50,000 20% Rs. 2,50,001 onwards 30% For Ladies Rs. 1,45,001 upto 1,50,000 10% For Senior Citizen Rs. 1,95,001 upto 2,50,000 20% 10% surcharge on Income above Rs. 10,00,000 & above. Education cess 3% on (Tax + Surcharge). HIGHLIGHTS OF BUDGET No change in personal or corporate rate of income tax. One-by-six scheme abolished. MAT…

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