Budget 2014: Tax breaks under section 80C extended

there is good news for the small investor as finance minister arun jaitley, presenting his maiden union budget, increased tax exemption limit for investments from rs. 1 lakh to rs. 1.5 lakh under section 80c of the income tax act. until now, investments up to a limit of rs. 1 lakh get exemptions under sections 80c, 80cc and 80ccc of the income-tax act.   the move will leave more money in the hands of the salaried class, hit by rising prices.   for instance, if your annual income is rs. 10 .... Read More

Common man largely satisfied with the budget

income tax exemptions and the focus on women's safety and senior citizens has put a smile on the common man's face.   the maiden budget of finance minister arun jaitley saw the it exemption limit for those below 60 raised from rs.2 lakh to rs.2.5 lakh and from rs.2.5 lakh to rs.3 lakh for senior citizens. it also proposed to use the huge amount of money lying "unclaimed" in saving schemes for the welfare of senior citizens.   "for a change the government has given us importance. i welcome .... Read More

Arun Jaitley showers income tax sops, seeks to revive growth

finance minister arun jaitley today doled out income tax sops by raising threshold exemption and investment limits by rs 50,000, raised duties on cigarettes, tobacco, pan-masala and aerated drinks, widened service tax base and announced measures to spur growth manufacturing and revive investor confidence.   without tinkering with the tax rates and allowing continuing 3 per cent education cess on all tax payers, he provided encouraging signals for domestic and foreign investors offering not to.... Read More

India Ready to Sign Transfer Pricing Pacts With Japan, Britain

confirming the news, a senior income tax department official has told the local media in new delhi that the proposed move will allow the japanese and british multi-national companies to enjoy tax relief in their home countries. at the same time, the official admitted that the indian tax authorities would have to make some adjustments for eliminating the possibility of double taxation. he explained that the advance pricing agreement is basically a deal between a taxpayer and the tax department on.... Read More

Indian Revenue Seeks Standard Tax Arrears Process

india's central board of direct taxes (cbdt) has issued its assessing officers with guidance on the standard operating procedure to be followed in the case of an arrears tax demand. it says that the step is intended to mitigate the long-standing grievances of many taxpayers.   according to the guidance, taxpayers are able to apply to have an outstanding demand reduced or revoked if they provide sufficient documentary evidence of a payment having been made. the guidance includes advice on how .... Read More
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