- Friday, September 3, 2010, 7:34
- Income Tax
- 5 views
Pension products offered by insurers and mutual funds could be included in the long-term savings schemes eligible for tax concession available to individual under the new Direct Taxes Code provided they meet the norms laid out by the government.
Full Article
- Thursday, December 24, 2009, 2:40
- Income Tax
- 211 views
This article summarizes Notification No. 94/2009/F. No. 142/25/2009-SO(TPL) dated 18 December 2009 (Notification) issued by the Central Board of Direct Taxes (CBDT)that substitutes Rule 3 (Rule) relating to valuation of perquisites arising from employment. The new Rule is effective from 1 April 2009 and is largely similar to the erstwhile Rule. All employers, including employers who were liable to Fringe Benefits Tax (FBT) prior to its removal, will now be covered under..
Full Article
- Friday, December 4, 2009, 2:23
- Income Tax
- 26 views
The finance ministry is likely to retain the EET (exempt-exempt-tax) principle proposed in the Direct Tax Code on the lump sum amount a salaried taxpayer will receive from his investment in savings schemes such as the Public Provident Fund and other superannuation funds. This means while the contribution and accumulation are tax-free, withdrawal will be taxed at the marginal rate of income tax.
Full Article
- Sunday, August 16, 2009, 6:54
- Income Tax
- 41 views
The Direct Tax Code is a bit of a mixed bag for individuals, particularly the salaried class. Prima facie, the tax liability will reduce significantly as the draft code proposes to tax incomes up to Rs 10 lakh at 10%, that between Rs 10 lakh and Rs 25 lakh at 20% and sum in excess [...]
Full Article