Tax rate notification power allows the central government to subject formerly tax free amounts to a government notified ceiling. Amendment permits taxation of amounts described as "tax free" by inserting authority to charge tax at such rate not exceeding twenty five per cent as may ... Summary
Tax rate notification power allows the central government to subject formerly tax free amounts to a government notified ceiling.
Amendment permits taxation of amounts described as "tax free" by inserting authority to charge tax at such rate not exceeding twenty five per cent as may be notified by the Central Government in the Official Gazette, thereby converting an absolute exemption into one subject to a government notified ceiling via Gazette notification.
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