| Long term capital gain exempted ,50 % tax on short term capital gain from equity & equity mutual funds Posted: 31 Aug 2010 07:48 PM PDT 
FOR SAVERS and investors who were living in dread of new Direct Taxes Code completely transforming their taxplanning approach, the new law must come as a relief.There are two main reasons for this.One, generally, the basic structure and the approach to taxation is very much the same. And two, specifically, long-term capital gains on equity and equitybacked mutual funds remain untaxed. The retention of the zerotax rate on long-term equity gains is probably the fundamental difference... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| Higher Exemption Limit Not For Non-Residents Posted: 31 Aug 2010 07:12 PM PDT 
Are non-resident women entitled to higher exemption limit? QUESTION: The Finance Act prescribes a higher exemption limit of Rs. 1.90 lakh only for "every individual, being a resident in India" vide Item No. II of Part I of the First Schedule of the Finance Act. My non-resident cousin swears by para 16 of the instruction to Form ITR-2 allowing the higher limit "for women (other than women of age 65 years or more)" and insists that the return Form should prevail. ANSWER: The reader is... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| TAX SLABS TAX BENEFIT FROM DIRECT TAX CODE Posted: 31 Aug 2010 10:40 AM PDT 
<p><p><p><p><p><p> </p></p></p></p></p></p> Highlights of Direct Taxes Code Bill, 2010 Ø Separate threshold exemption limits for men and women done away with. Common threshold limit of Rs. 2,00,000. For resident senior citizens, threshold increased from Rs. 2,40,000 to Rs. 2,50,000. Ø HRA exemption restored. Ø Medical Reimbursement exemption limit proposed to be increased from Rs. 15,000/- to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| Submission of documents necessary for granting online registrations in service tax Posted: 31 Aug 2010 10:05 AM PDT 
Submission of hard copy of documents necessary for granting online registrations Trade Notice No. 3/ST/2010, dated 11-8-2010 This is to bring to the notice of trade that a large number of online registrations filed are pending issuance in various Ranges/Division offices due to non submission of required documents. It is noticed that while the registration are filled online, either no hard copy of documents is submitted or the documents are submitted after considerable lapse of time.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| Rate of interest reduced from 9.5% to 8.5%:Deemed income of employee Posted: 31 Aug 2010 09:06 AM PDT 
Income Tax - 69/2010 - dated August 26, 2010 Supersession of the notification number S.O. 484(E), dated the 30th May, 2001 Employer's annual contributions in a recognised provident fund – Deemed income of employee – Rate of interest reduced from 9.5% to 8.5% for the purpose of Rule 6(b) of Part A of the Fourth Schedule to the Income Tax Act, 1961 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. - 69/2010 New Delhi, the 26th August, 2010 In... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
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