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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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Tax Slab in India 2013-14-Individual

Tax slab Rates of individual for the Fy 2013-2014.In case of Individual (including women) whose age is not more than sixty years.,resident individual who is of the age of sixty years or more but not more than the age of eighty years during the previous year and In case of individual who is of the age of eighty years or more at any time during the previous year.

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Govt set up Tax Administration Reform Commission (TARC)

TAARC functions to review the existing mechanism and recommend appropriate organizational structure for tax governance with special reference to deployment of workforce commensurate with functional requirements, capacity building,vigilance administration, responsibility and accountability of human resources, key performance indicators, assessment, grading and promotion systems,

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SURAKSHIT-CBEC’s Information Security Newsletter

Central Board of Excise and Customs (CBEC) the custodian of the country’s central indirect tax data, launches “SURAKSHIT”, an information security newsletter. Surakshit is a bi-annual newsletter, published for the purpose of exchange of ideas and information related to the field of information security like emerging issues, security tips, interesting news snippets, etc… CBEC has […]

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Tax benefit on house loan

Repayment of principal amount of loan taken from any bank, state/central government, LIC, NHB, etc. for the purpose of construction or purchase of a residential house property, the income of which is chargeable to tax under the head income from house property.A deduction of amount paid as repayment of principal amount on loan taken for the purpose of construction or purchase of residential accommodation is allowed

Deduction is allowed only to individuals and HUF

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Deductions Permissible u/s 80C

Deductions on Life Insurance Premium, contribution to Provident   Fund, etc. (sec. 80C) Any sum paid or deposited to keep in force insurance on the life on an individual or his spouse any child of such individual and any member of HUF. Deduction is allowed only where the premium paid does not exceeds 20% of the […]

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