One of my ‘inside the government’ friend told that they are some people, big people who are exempted from tax, but they are some conditions to it(dont know the conditions). I also heard if you make a deal and help in election party then you can also be exempted only as per agreement. What are the procedures if you want to be exempted? Any suggestions would do
All tax exemptions (if currently not within the realm of the existing tax laws) have to be granted through an Act of Parliament.
Proposals for exemptions under the various tax heads e.g. Income Tax (individual & corporate), VAT, Excise Duty etc. are floated by the interested stakeholders and lobbied to Treasury. If they fly with Treasury, you hear the proposals mentioned by the CS Finance in the Budget speech for the next Govt. Financial Year.
Days later, the Finance Bill is released and it goes through the various readings in Parliament (usually 2-3 months), with myriad additions and deletions. After the Bill goes through the various stages in Parliament, it is then presented to the President for assent, upon which it becomes the Finance Act for that year, changing the various tax Acts with the possible exemptions you have in mind.