Author: SREENU .T
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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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India signs Double Taxation Avoidance Convention with Morocco
India signed a Protocol amending the India-Morocco Double Taxation Avoidance Convention (DTAC) in New Delhi today. The Protocol was signed by Dr Sudha Sharma, Chairperson, Central Board of Direct Taxes on behalf of Government of India and H.E. Mr. Larbi Reffouh, ambassador of the Kingdom of Morocco to India on behalf of Government of the…
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Gross Direct Tax collection up by 13.27 per cent
Gross direct tax collections during April-July of the Financial Year 2013-2014 is up by 13.27 percent at Rs. 1,57,169 crore as against Rs. 1,38,751crore in the same period last year. While gross collection of Corporate taxes has shown an increase of 9.75 percent and stands at Rs. 92,115 crore during April-July in F.Y. 2013-2014 as…
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Overwhelming response to e-filing of ITR
The due date for filing of Income Tax Return for Individuals, HUFs and non-auditable cases for A.Y. 2013-14 was extended by the Central Board of Direct Taxes(CBDT)from 31st July to 5th August, 2013 as there was an overwhelming response to e-filing from every corner of the country. 123.03 lakh returns have been e-filed till 5th…
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DR. RAGHURAM RAJAN new GOVERNOR of RESERVE BANK OF INDIA
DR. RAGHURAM RAJAN has been appointed as Governor of Reserve Bank of India (RBI) for a term of three years. Currently Dr. Raghuram Rajan is acting as Chief Economic Adviser, Ministry of Finance. Dr. Raghuram Rajan is appointed in the place of retiring Governor Dr. D Subba Rao upon completion of his tenure. Dr. Raghuram…
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Default in depositing TDS before due dates will leads to prosecution
Tax deductors, after deducting TDS from specified payments, are deliberately not depositing the taxes so deducted in Government account and continue to deploy the funds so retained for business purposes or for personal use. Such retention of Government dues beyond the due date is an offence punishable u/s 276B of the Income Tax Axt, 1961.rigirous…
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Taxability of HRA and interest on housing loan
You can claim both HRA and Interest on housing loan even both the properties are in the same place.HRA can be claimed even, if your residential property is let out, or self-occupied or it remain vacant due to employment/business/profession carried on at any other place and he has to reside at other place in a…
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TDS-due dates
TDS is one of the modes of collection of taxes, by which a certain percentage of amounts are deducted by a person at the time of making/crediting certain specific nature of payment to the other person and deducted amount is remitted to the Government account. It is similar to “pay as you earn” scheme also…
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TDS/TCS-Forms
TDS is one of the modes of collection of taxes, by which a certain percentage of amounts are deducted by a person at the time of making/crediting certain specific nature of payment to the other person and deducted amount is remitted to the Government account. It is similar to “pay as you earn” scheme also…
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Maharashtra leading on number of e-return filing
Maharashtra is leading on number of e-Returns submitted as on 30th June 2013. A total of 2187712 e-Returns has been made by Maharashtra followed by Karnataka (963435) and Gujarat (939755).There has been an decline in number of e-Returns submitted as compared to previous financial years. Source: incometaxindiaefiling.gov.in/