Tag: Tax

GAAR be defer by 3 years: Shome committee

GAAR Tax Provision1 150x150 GAAR be defer by 3 years: Shome committeeAs per latest report, on Saturday a committee review the General Anti-Avoidance Rules (GAAR), Shome committee announced to give relief to the investors, raising Industry Inc by capital gains tax exemption on transfer of securities as well as the controversial tax regime be defer by three years .

In July, for GAAR tax avoidance recommendation designed to interfere company transactions and income structured, Centre had appointed the Parthasarathi Shome committee. In its report submit to finance Read more

Budget 2012: Income tax exemption increases to Rs2 lakh

budget 2012 288x300 Budget 2012: Income tax exemption increases to Rs2 lakhBringing “Aam Admi ka Budget”, Finance Minister Pranab Mukherjee on Friday proposed a big relief for small tax payers by raise the tax exemption limit to Rs2 lakh per annum from Rs1.80 lakh.

Presenting his Budgetary report in Lok Sabha, Mukherjee said, “My proposals on direct taxes are estimated to result in a net revenue loss of Rs4,500 crore for the year.”

Something more is in Budget of 2012-13 as raise the limit to Rs10, 000 of interest income from tax along with tax rate.

Now on basis of Budget proposals, tax payers will have to pay 10% tax on income between Rs2 lakh and Rs5 lakh; 20% between Rs5 lakh and Rs10 lakh; and 30% for above Rs10 lakh. Read more

Budget 2012: Finance panel expects income up to Rs 3 lakh made tax-free

budget 2012 300x225 Budget 2012: Finance panel expects income up to Rs 3 lakh made tax freeToday’s good news for taxpayers, who wants to save their money not easing to tax, is that the Parliamentary standing committee on finance in line with the DTC Bill this budget recommends hiking basic tax exemption limit from Rs 1.8 lakh to Rs 3 lakh and another Rs 3.20 lakh rebate for eligible investments and spending.

However while these recommendations will approve by govt., then taxpayers would pay tax on upto Rs 6.20 lakh as against a maximum of Rs 4.85 lakh including the rebate for housing loans. Read more

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