TAXATION


Moneylife Digital Team 16 March 2012
In the Budget for 2012-13, the finance minister has increased the tax exemption limit to Rs2 lakh and also increased limits of tax slabs Here is what you will be paying as income tax for FY13.. For up to Rs3 lakhs - NIL; Rs4 lakhs - Rs6,180; Rs5 lakhs - Rs6,180; Rs6lakhs - Rs10,300; Rs8 lakhs -...

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Moneylife Digital Team 16 March 2012
Finance minister Pranab Mukherjee presented the General Budget for 2012-13 in the Lok Sabha amid uproar in the House. Highlights of the finance minister's speech: Baggage allowance for people of Indian origin increased from Rs25,000 to Rs35,000 and for children from...

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Moneylife Digital Team 15 March 2012
Salaried employees earning up to Rs5 lakh per year will not be required to file income tax (I-T) returns from this year, says a finance ministry notification. There are about 8.5 million salaried persons in the country whose annual income, including earnings from other sources, does not...

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Moneylife Digital Team 14 March 2012
To curb cases of economic offence and tax evasion, the sales tax department of Maharashtra, has set up an Economic Intelligence Unit (EIU), the first of its kind in India. The Unit, with seven branches, will be responsible for analysing information on sales tax returns and financial data,...

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V Raghunathan V Raghunathan 24 February 2012
Honest taxpayers suffer when any agency, whether SBI, LIC or UTI or whoever, that do not file their Form 26 AS, and thus make you liable for double taxation to the extent of the TDS The common man rarely seems to get a fair deal from the government. In November 2011, the government...

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Moneylife Digital team 16 February 2012
IRFC (Indian Railway Finance Corporation) will offer 8.15% and 8.30%pa (per annum) to retail investors (individual and HUF below Rs5 lakh investment) in bonds with maturity periods of 10 and 15 years, respectively. HNIs (high net worth individuals) and QIPs (qualified institutional investors)...

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Raj Pradhan Raj Pradhan 09 February 2012
While 80C, 80D and 80CCF tax-saving investments are popular, there are many other tax-savings opportunities which are often overlooked. A rupee saved on tax is a rupee earned. Raj Pradhan brings you ‘other’ tax-saving ideas This is the tax-savings season. People are so desperate to save...

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Moneylife Digital Team 03 February 2012
Chartered accountants, lawyers and other professionals may have to shell out more money as state governments are contemplating raising the rates of profession tax (PT). Sushil Kumar Modi, Bihar deputy chief minister, who heads the panel on Goods and Services Tax, said that according to...

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Raj Pradhan Raj Pradhan 09 January 2012
SBI’s tax saving deposits advertisement claims to give you 17.77% return. While it assumes you are in the 30% tax bracket at the time of investment, it conveniently calculates the return without considering tax obligation on the interest generated at the time of exit During the tax...

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Moneylife Digital Team 03 January 2012
A few months ago Reliance and Birla Mutual Funds were pushing hard a combo plan of mutual fund and insurance. One investor is now caught in a bind having fallen for Reliance’s pitch. Don’t expect SEBI to do anything about it though If you were a mutual fund investor, investing in...

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Moneylife Digital Team 25 November 2011
L&T Infrastructure bond issue will close on December 24, 2011 L&T Infrastructure Finance Company Ltd to issue Tranche 1 Bonds starting , on November 25, 2011, through a public issue of long term infrastructure bonds with a face value of Rs1,000 each in the nature of secured, redeemable,...

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Gurpur Gurpur 26 September 2011
India is a tax haven for the rich as they do not have to pay any tax on their dividend income. But the middle-class citizen has tax deducted at source even on the paltry interest received from savings bank accounts President Obama of the United States is proposing to levy a tax on people...

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Gurpur Gurpur 08 August 2011
As it is the returns earned on bank deposits is not keeping pace with inflation. Besides, people face innumerable difficulties in getting the correct tax certificates to file tax returns As you walk to the income-tax office in Bengaluru, you will pass by a big hoarding outside that reads,...

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Moneylife Digital Team 13 July 2011
Organisations deducting TDS are required to submit the data to the Tax Information Network on the NSDL site on the basis of which taxpayers are supposed to file returns Taxpayers have been hampered in filing income-tax returns, due to an unexplained delay in updating of TDS data on the...

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Who says the government wants to go after black money stashed abroad? The fact that at least 18 Indians have nearly Rs44 crore stashed in Liechtenstein, a tiny European tax haven, was known and reported by the media way back in early 2008. Their names were among the 1,400 that a bank...

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Moneylife Digital Team 08 June 2011
Pune tribunal favours individual investors in distinction between business transaction and investment transaction. However, this matter will continue to be decided by the assessing officer on a case-by-case basis The Income-Tax Appellate Tribunal (ITAT) in Pune has held that a...

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Moneylife Digital Team 30 May 2011
Worried tax assessees complain about lack of communication with Bengaluru-based CPC  The last date for filing income-tax returns is near. So the rush to file returns is on. However, despite the I-T department's initiative to provide electronic facility (e-filling) for filing returns,...

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Moneylife Digital Team 23 May 2011
One of the major problems of taxpayers is that they have to communicate with the Centralised Processing Centre based in Bengaluru only through letters sent by ordinary post A large number of taxpayers across the country face various difficulties in rectifying the intimation issued by...

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Right from the definition of a ‘senior citizen’ for tax evaluation to the definition of a ‘Non-Resident Indian’, our tax and forex laws are full of inconsistencies and discrepancies. It is high time the government removed these lacunae Our laws—mainly those dealing in economic matters...

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The discontinuation of the tax holiday on the STPI scheme and the extension of MAT to SEZs has dealt a double blow to  IT and ITeS industries In the 1917 work, The Silence of the Sirens, the great philosopher Franz Kafka writes-"Someone might possibly have escaped from their singing; but...

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