« Top Headlines » Open DEMAT Account in 24 hrs  ITR Filing: 6 Ways to Get Exemption on Income Tax  Income Tax Return Filing: 10 Mistakes To Avoid When Filing ITR For AY 2024-25  Old vs New Tax Regime: Who should move to the New Tax Regime from the old one?  Income Tax Calculator FY 2023-24: How To Know Your Tax Liability Online On IT Dept's Portal?  BackBack Income Tax Act amendment on cards on tax treatment of MSME dues  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here  Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals «  Finmin unlikely to roll back fringe benefit tax... New provision rules could pinch bank bottomlines... » Service tax waiver limit may go up February, 02nd 2007 The finance ministry is likely to raise the exemption limit for service tax from Rs 4 lakh to Rs 10 lakh in the forthcoming Budget.    This will benefit a large number of individuals who provide taxable services like beauty enhancement at parlours.    There has been a demand from experts to raise the limit in order to lower the cost of collecting the tax.    Going by the 80:20 principle, where 80 per cent of revenues come from 20 per cent of tax-payers, such a move would lower the cost of administration and reduce the number of assessees by 40-50 per cent from the current 10 lakh, Ashok Dhingra, head of indirect taxation at Khaitan & Co, said.    PricewaterhouseCoopers Executive Director S Madhavan expected the limit to be hiked from Rs 4 lakh to Rs 10 lakh in this years Budget.    The other benefit of such a move would be less tax avoidance. Experts said the current limit encouraged people to misreport taxable income and resort to dealings in cash.