Latest Expert Exchange Queries
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: form 3cd :: empanelment :: VAT RATES :: list of goods taxed at 4% :: due date for vat payment :: articles on VAT and GST in India :: TDS :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: ACCOUNTING STANDARDS
 
 
« Service Tax »
 GST implementation may increase expense ratio of fund houses
 GST structure: an unfortunate compromise
 Extension Of Provisional Attachment Under Service Tax Provisins
 How favourable will GST be for Karnataka?
 GST rate impact: Here’s how the new tax can carry a greater punch
 E-way Bill - movement of goods under GST
 How the GST rates will affect your money
 GST: The coming disruption in the wholesale trade
  Ways In Which GST Will Impact The Average Indian’s Wallet
 Goods done, GST Council seals tax rate on services
 Respite likely for businesses on e-way under GST

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