License exemption income

Considering the need to enhance foreign investment and promote exports from the country, the Government of India has introduced various types of special incentives and benefits to SEZ units which are as follows-. SEZ Units are free to import from the domestic sources without paying any duty on capital goods, raw materials, consumables, spare, packing materials, office equipment, DG sets, etc.

Good which are imported duty free could be utilized over the approval period of 5 years. Sub-contracting may also be permitted for processing abroad with the permission of the board of approval. Further, for the next five years a deduction shall be allowed of upto 50 percent of the profit as is debited to the profit and loss account and credited to the Special Economic Zone Reinvestment Reserve Account subject to conditions.

Interest received by non-residents and not ordinary residents on deposits made with an Offshore Banking Unit on or after April 1, shall be exempt from tax. Exemption from Capital Gains- Capital gains arising on transfer of assets machinery, plant, building, land or any rights in buildings or land on shifting of the industrial undertaking from an urban area to any SEZ would be exempt from capital gains tax.

The exemption would be allowable if within one year before or three years after such transfer:. A corporation, s-corporation, partnership or any business entity other than an individual. This is based upon case law upholding imposition of a tax upon a tax entity even though the owners of the tax entity were tax exempt.

An individual licensed as a principal real estate broker. By definition under ORS A real estate broker that engages in other non-exempt business activity within Portland will be subject to the City of Portland Business License Tax upon the segregated net income of the non-exempt business activity.

Exemptions under the business license law consider all activities, even otherwise exempt activities, in determining qualification for an exempt status. Therefore, gross receipts for exemption purposes will be determined on the sum of exempt and non-exempt incomes. Without information about a mid-year change, the Division will make an assumption based on the best information available, which may not be favorable to the taxpayer.

Example 1. Click to view the institutions registered under section 80G, 12 A and more. Click to Wetelltagline. Income Tax Department. It looks like your browser does not have JavaScript enabled. Please turn on JavaScript and try again. New schedules and an additional City of Seattle clinic are available.

Learn more about locations, hours, and how to make an appointment. Business license and tax customers are strongly encouraged to file and pay their business taxes online at www. Public counters are now open with limited appointments for tax and general business license services only.

Those needing a regulatory license e. Find out more at the reopening info page. Certain organizations and business types are not required to obtain a Seattle business license tax certificate or pay the business license tax.

They are exempt from these requirements. Certain types of revenue are also exempt. Exemptions are different than deductions. You do not report exemptions on your tax return; you must report deduction amounts. To learn about deductions, see deductions from the Seattle business license tax. You qualify for an exemption if your business or revenue type is defined as an exemption in the Seattle Municipal Code. Before you file, review the allowable exemptions from the Seattle business license tax.

To get a list of exemptions and a general overview of each one, see exemption list for the Seattle business license tax. SMC Chapter 5. Federally incorporated aid and relief organizations, such as the American Red Cross, are exempt from the Seattle business license tax.