Income Tax : A Salaried man can receive VRS more than once in his lifetime. But he can plan his tax liability only once. VRS (Voluntary Retirem...
Income Tax : Article discusses Rate of Interest, Limit of Investment and Income Tax Benefit from Investment in 8 Most Popular Tax Saving Instru...
Finance : As an accountant, you probably recognize how important it is to have a budget and save money for unexpected expenses. Unfortunatel...
Finance : 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 per...
Fema / RBI : Holders of 'Basic Savings Bank Deposit Account' will not be eligible for opening any other savings account in that bank. If a cust...
Income Tax : The finance ministry is likely to keep the corporate tax rate unchanged at 30%, as it faces stiff resistance from companies to the...
Income Tax : A senior revenue department official told , There are three issues on which a political call is required. These are: the exempt-ex...
Income Tax : Finance Minister Pranab Mukherjee on Friday indicated the government could rewrite the new direct tax code to make it acceptable t...
Income Tax : Corporate India is not the sole critic of the Direct Taxes Code. The code, precursor to a brand new income tax law, has found oppo...
Income Tax : The issue under consideration is whether the assessee being employee of Public Sector Undertaking (PSU) and Nationalised Banks tre...
Income Tax : CBDT notifies Income Tax Rule 21AAA. Taxation of income from retirement benefit account maintained in a notified country and FORM...
Finance : National Savings (Monthly Income Account) (Amendment) Scheme, 2020- The deposit made under this Scheme between 12th December, 2019...
Income Tax : Notification No. 24/2009 - Income Tax Private provident funds and superannuation funds, that channelise a larger chunk of their c...
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 is still on for dilution or an altogether elimination of these proposals from the final draft.
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 Gita and it cannot be said that it cannot be changed,” he added.
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 the income tax slabs and the definition of ‘income from salaries’.
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 […]
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 taxes body has now issued a notification, aligning the investment pattern prescribed in its rules
