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Category Archives for "Ministry of Finance"

Hidden Benefits of housing loan you must read

Housing loan, in first instance it is like a burden to repay a certain amount to be paid in periodical intervals even though it is used for construction/purchase of house. But, when it comes to Tax calculation it will be beneficial to tax payer that, he can deduct the interest paid on account of housing loan. Primarily interest repaid can be deducted from house property income and from the value of house (if you have more than one house) while computing wealth tax.

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Direct Tax up 13.18 %, Corporate Tax up by 9.66 %, Wealth 13.38 %

As Tax Authorities became smart and Tax Payers become responsible citizens, aggregate Tax collection rised!

Gross direct tax collection during April-November of the F.Y. 2013-14 is up by 13.18 percent at Rs.3,68,655 crore as against Rs.3,25,736 crore in the same period last year. While gross collection of Corporate taxes has shown an increase of 9.66 percent (Rs.2,25,124 crore as against Rs. 2,05,291 crore lastyear), gross collection of Personal income tax is up by 19.60 percent(Rs.1,39,763 crore as against Rs. 1,16,862 crore last year).

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Find Out-Professional Tax &Professional Tax Slab Rate

Professional Tax is the tax charged by the state governments in India. Professional tax is levied from salaried employees or practicing professionals or persons engaged in any trade etc. Employers are liable to deduct professional tax from salary/wage and depositing the same to the concerned local body/authority and in other cases, persons themselves shall pay the professional tax.

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All services relating to education are exempt from service tax

Directorate of Service Tax, by a circular (No.172/7/2013) clarified that all services relating to education are exempt from service tax. Such services include providing hostels, transportation, housekeeping, security services, canteen, etc to educational institutions. For example, if a school hires a bus from a transport operator in order to ferry students to and from school, the transport services provided by the transport operator to the school are exempt.

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