Latest Expert Exchange Queries

Make your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: VAT Audit :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: cpt :: Central Excise rule to resale the machines to a new company :: empanelment :: list of goods taxed at 4% :: TDS :: articles on VAT and GST in India :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES
 
 
Service Tax »
  Central Goods and Services Tax (CGST) Rules, 2017
 Goods bought with loyalty points will face tax under GST
 substitution of Service Tax by Goods and Services Tax (GST)
 Income Tax: TDS deducted but ITR not filed? Here's what professionals need to do
 9 ways GST could impact home buyers
 Consumers hailed GST, but there's need for awareness'
 Tax departments keep a close watch on prices post GST rollout
 GST effect: 5 things that changed after the new tax regime
 GST is no game changer for farmers, yet
 GST: Government bets big on tech to ensure e-way bill does not bring back inspector raj
 Government to keep an eye on price rise & GST glitches

Union Government exempted Service Tax for Janashree and Aam Aadmi Bima Yojana
December, 26th 2012

Union Government of India in the month of December granted service tax exemption on the services of life insurance business provided under the Aam Aadmi Bima Yojana (AABY) and Janashree Bima Yojana (JBY).

Aam Aadmi Bima Yojana (AABY) was launched in August 2007and it basically covers death and disability insurance for the benefit of rural landless households.

About Aam Aadmi Bima Yojana (AABY)

• AABY provides for insurance of the head of the family or earning member of the family of rural landless households between the age of 18 and 59 years against natural death or accidental death and partial/permanent disability.
• The annual premium payable is 200 rupees of which 50 per cent shall be payable by the Union Government and the remaining 50 per cent by the State Government.

The Centre has created a fund that is being operated by LIC for meeting the liability of the Central Government towards premium payment.

AABY also provides for educational assistance to the beneficiaries’ children studying from 9 to 12 Standard as an extended benefit. A separate fund has been created for providing scholarship to the children of beneficiaries.

About Janashree Bima Yojana (JBY)

• Janashree Bima Yojana (JBY) was launched in August 2000 and it provides life insurance protection to people who are below poverty line or marginally above poverty line.
• Persons aged between 18 years and 59 years and who are members of the identified 45 occupational groups are eligible to be covered under the scheme.
• The premium for the JBY is 200 rupees per member. While 50 per cent premium under the scheme is met out of Social Security Fund maintained by LIC, the balance 50 per cent premium is borne by the member and/or nodal agency.

The Granting of Tax Exemption is going to save some money of the government as the central contribution towards premium in the two schemes is 50% and the rest is contributed by state governments.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Contact Us

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions