Please click on following link to see video http://www.ndtv.com/common/videos/embedPlayer.php?id=224400&autoplay=0&pWidth=418&pHeight=385&category=embed Individuals have a small amount of benefit on the tax front but the overall situation will end up being negative as higher expenses in the form of additional service and excise eats up a larger part of their household budget. At the same time there are also a lot of gains on the procedural front that should not be forgotten. Starting with the tax gain there is a small benefit that is available in terms of the rise in the basic exemption limit that has been increased to Rs 2 lakh for [...]
Raise I-T exemption limit to Rs3 lakh, says parliamentary panel on DTC Besides hiking the income tax exemption to Rs3 lakh from Rs1.8 lakh at present, the Standing Committee on Finance also suggested that 10% tax be levied on taxable income between Rs3-Rs10 lakh, 20% between Rs10-Rs20 lakh and 30% over Rs20 lakh New Delhi: Ahead of the Budget, a parliamentary panel that scrutinised the Direct Taxes Code (DTC) Bill has suggested that income tax exemption limit be raised to Rs3 lakh per annum, and the investment limit for tax savings schemes be hiked to Rs3.20 lakh, reports PTI. In its [...]
Preparation for budget is in progress. The Govt. is planning to enhance the tax slabs for the individual taxpayers. According to a PTI report, the basic exemptiom limit is likely to be enhanced from 1.8 lac to 2 lac. Income between 2 to 5 lac will be taxed @ 10%, 5 to 10 lac @ 20% and more than 10 lac @ 30 % for the Financial Year 2012 - 13. The present rate for F.Y. 2011-12 is 1.8 lac to 5 lac @10%, 5 to 8 lac @20% and above 8 lac @30%.
Younger investor A younger investor can consider equity-linked savings schemes (ELSS) as a means to invest in equities. These tax-saving plans are just like any diversified equity fund. If you have EPF and invest in infra bonds, you don't need any more debt in the portfolio. Put the remaining limit of your Section 80C investments in ELSS funds. Don't get lured by the high returns offered by five-year bank fixed deposits (FDs). In three years, the ELSS is likely to give you higher returns than the FD. Tax payer with loans It seems the taxman has a soft corner for borrowers. A taxpayer who has taken a home loan will find utilising [...]
Infrastructure bonds are making a splash these days just in time before the end of the tax-saving season in March. Currently, issues are open for subscription from Infrastructure Finance Corporation of India (IFCI), Rural Electrification Corporation (REC), PTC India Financial Services and SREI Infrastructure Finance. IDFC has already raised Rs 533 crore through its issue of infrastructure bonds which closed for subscription in December 2011. The company is likely to come up with its next tranche of these bonds soon. You can invest up to Rs 20,000 in [...]