STI NEWS;"DEDUCTION UNDER NEW PENSION SCHEME NOT INCLUDED IN 1LAKH SAVING LIMIT"plus 1 more

DEDUCTION UNDER NEW PENSION SCHEME NOT INCLUDED IN 1LAKH SAVING LIMIT

Posted: 28 May 2011 08:59 PM PDT

The New Pension Scheme (NPS) was introduced by the Union Government in 2003. According to the new scheme, employees appointed on or after January 1, 2004 will contribute 10 per cent of their Pay and Dearness Allowance to the Pension Fund Regulatory and Development Authority under the Ministry of Finance. An equal amount will be contributed by the Centre. The scheme is mandatory for Government...

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CAPITAL GAIN EXEMPTION U/S 54F INVEST IN NEW HOUSE

Posted: 28 May 2011 08:38 PM PDT

Capital gain is one of the heads of income quite often litigated by the taxpayers and tax gatherers. This could be attributed partly to the provisions which provide some leeway for availing some concessions and thereby avoid tax. Section 54F is a benevolent provision meant for tax relief where the sale consideration is deployed in acquisition or construction of a residential house by the...

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