retirement savings

Basic Savings Bank Deposit Account (BSBDA) – FAQs

Fema / RBI - Holders of 'Basic Savings Bank Deposit Account' will not be eligible for opening any other savings account in that bank. If a customer has any other existing savings account in that bank, he / she will be required to close it within 30 days from the date of opening a 'Basic Savings Bank Deposit Account'....

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Let your Investments Evolve With Your Life

Fema / RBI - As we progress in life, our goals and milestones are modified. Not only have we changed the way we live but we also change our perception of the future. Our life’s goals include factors such as travelling, medical benefits, financial independence and zero liabilities. ...

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Five reasons why you should invest through the SIP route

Fema / RBI - A Systematic Investment Plan or SIP, as it is popularly known, is a vehicle offered by Mutual Funds to help investors save regularly by committing a fixed amount of investment in a scheme periodically, normally a month. The units are allotted on the basis of NAV existing on the date o...

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5 Simple Budgeting Habits Everyone Should Practice

Fema / RBI - As an accountant, you probably recognize how important it is to have a budget and save money for unexpected expenses. Unfortunately, most of our clients don't understand how easy it can be to create and manage a budget with the tools we have available at our disposal. I...

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Retirement savings will become taxable on withdrawal in new direct tax code

Fema / RBI - 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 […]...

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FM likely to keep the corporate tax rate unchanged at 30%

Fema / RBI - The finance ministry is likely to keep the corporate tax rate unchanged at 30%, as it faces stiff resistance from companies to the draft direct tax code's proposal to cut the rate to 25% and remove all exemptions. "Corporates are resisting the phasing out of exemptions even with a lower tax rate," said a senior government official. ...

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Government will review EET regime, MAT at 2% on Gross Asset value and proposal to tax charitable organisations

Fema / RBI - A senior revenue department official told , There are three issues on which a political call is required. These are: the exempt-exempt- tax regime for retirement savings, the 2 per cent minimum alternate tax on gross tax assets of companies and the proposal to tax charitable organisations at 15 per cent. Hectic lobbying by interest groups...

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Direct Tax code (DTC) may be rewritten: FM

Fema / RBI - Finance Minister Pranab Mukherjee on Friday indicated the government could rewrite the new direct tax code to make it acceptable to all stakeholders. On the tax code, he said, the government would attempt to build consensus on the proposals. “I have laid a certain proposal in the form of a direct tax code. But it is not the Bhagwad Git...

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CBDT called for thorough review of the direct tax code

Fema / RBI - Corporate India is not the sole critic of the Direct Taxes Code. The code, precursor to a brand new income tax law, has found opposition from within government, too. An internal committee of the Central Board of Direct Taxes, the principal policy-maker in the domain, has called for a thorough review of the code, including a revision of th...

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CBDT amended income tax rules for Provident Fund Trusts by amendment in rule 67

Notification No. 24/2009 - Income Tax - (13/03/2009) - Notification No. 24/2009 - Income Tax Private provident funds and superannuation funds, that channelise a larger chunk of their corpus equity will not attract income tax, following change in tax rules. The tax-free status would allow more of retirement savings to flow into shares The Central Board ...

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Recent Posts in "retirement savings"

Basic Savings Bank Deposit Account (BSBDA) – FAQs

Holders of 'Basic Savings Bank Deposit Account' will not be eligible for opening any other savings account in that bank. If a customer has any other existing savings account in that bank, he / she will be required to close it within 30 days from the date of opening a 'Basic Savings Bank Deposit Account'....

Read More
Posted Under: Income Tax |

Let your Investments Evolve With Your Life

As we progress in life, our goals and milestones are modified. Not only have we changed the way we live but we also change our perception of the future. Our life’s goals include factors such as travelling, medical benefits, financial independence and zero liabilities. ...

Read More
Posted Under: Income Tax |

Five reasons why you should invest through the SIP route

A Systematic Investment Plan or SIP, as it is popularly known, is a vehicle offered by Mutual Funds to help investors save regularly by committing a fixed amount of investment in a scheme periodically, normally a month. The units are allotted on the basis of NAV existing on the date o...

Read More
Posted Under: Income Tax | ,

5 Simple Budgeting Habits Everyone Should Practice

As an accountant, you probably recognize how important it is to have a budget and save money for unexpected expenses. Unfortunately, most of our clients don't understand how easy it can be to create and manage a budget with the tools we have available at our disposal. I...

Read More
Posted Under: Income Tax |

FM likely to keep the corporate tax rate unchanged at 30%

The finance ministry is likely to keep the corporate tax rate unchanged at 30%, as it faces stiff resistance from companies to the draft direct tax code's proposal to cut the rate to 25% and remove all exemptions. "Corporates are resisting the phasing out of exemptions even with a lower tax rate," said a senior government official. ...

Read More
Posted Under: Income Tax |

Government will review EET regime, MAT at 2% on Gross Asset value and proposal to tax charitable organisations

A senior revenue department official told , There are three issues on which a political call is required. These are: the exempt-exempt- tax regime for retirement savings, the 2 per cent minimum alternate tax on gross tax assets of companies and the proposal to tax charitable organisations at 15 per cent. Hectic lobbying by interest groups...

Read More
Posted Under: Income Tax |

Direct Tax code (DTC) may be rewritten: FM

Finance Minister Pranab Mukherjee on Friday indicated the government could rewrite the new direct tax code to make it acceptable to all stakeholders. On the tax code, he said, the government would attempt to build consensus on the proposals. “I have laid a certain proposal in the form of a direct tax code. But it is not the Bhagwad Git...

Read More
Posted Under: Income Tax |

CBDT called for thorough review of the direct tax code

Corporate India is not the sole critic of the Direct Taxes Code. The code, precursor to a brand new income tax law, has found opposition from within government, too. An internal committee of the Central Board of Direct Taxes, the principal policy-maker in the domain, has called for a thorough review of the code, including a revision of th...

Read More
Posted Under: Income Tax |

Retirement savings will become taxable on withdrawal in new direct tax code

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 […]...

Read More
Posted Under: Income Tax |

CBDT amended income tax rules for Provident Fund Trusts by amendment in rule 67

Notification No. 24/2009 - Income Tax (13/03/2009)

Notification No. 24/2009 - Income Tax Private provident funds and superannuation funds, that channelise a larger chunk of their corpus equity will not attract income tax, following change in tax rules. The tax-free status would allow more of retirement savings to flow into shares The Central Board of Direct Taxes (CBDT), the apex direct ...

Read More

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