« Top Headlines » Open DEMAT Account in 24 hrs  How to Change Current Period in Tally Prime Step-by-Step Guide for Users  Global Payroll Management with Tally Prime: How International Businesses Use It Beyond India  How to Manage B2B HSN Codes in Tally Prime: A Complete Guide for Businesses  How to Check Business Revenue in Tally Prime: A Complete Step-by-Step Guide  MSME Payment Rule in Tally Prime: Understanding the Law and Its Impact on Businesses in 2025 The MSME (Micro, Small and Medium Enterprises) Payment Rule is a legal framework introduced under th  Multipurpose Empanelment Form (MEF) 2025 26 Meaning, Purpose, and How to Manage It in Tally Prime  GST Appellate Tribunal (GSTAT) Structure, Powers, and Its Relevance in Tally Prime Implementation  How Tally Prime Supports the Real Estate & Construction Industry in India  Comparison Between Tally Prime 6.1 and Tally Prime 6.2  How Tally Prime Renewal Helps Save My Data  Where to Buy Tally Prime 7.0 at the Best Rates Possible «  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.