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AIR to door: Taxman won't come knocking at will
The AIR has so far captured 18 lakh high-value transactions by individuals totalling Rs 13 lakh crore. |
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Taxmen all set to keep closer tabs on STT returns
STT returns carry information about the tax deducted on transactions carried out by clients of each broker. But there is no mechanism to correlate client codes with the PAN of the individual investor or trader. |
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Goods dealers need not pay TDS on discounts
There have been cases where discounts were treated as part of the commission and field forces were asked by companies to cut TDS. |
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Govt set to clarify on transport agents' service tax
The benefit of abatement would be available only if cenvat credit has not been availed by the goods transport agents (GTA) on inputs or capital goods used for providing such services. |
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GST: The good tax that will service you
One statement made by the Honourable finance minister in an almost offhand manner has a long reaching on each and every Indian. The statement on GST. |
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Budget Jargon Simplified
The budget is full of complicated jargon. Find out what they mean. |
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Are you an HNI? Forget tax saving attempts
If you are in the high income earning class and are left with a lot of surplus funds after making your tax saving instruments, here are a few tips on how best to invest that money. |
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Insurance + investment + tax = bad combo
Want to buy insurance? Good idea. Want to save tax? Good idea. Want to buy insurance and save tax at the same time? Not such a good idea after all. |
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Now, file your tax returns at post offices too
A separate return Form 3B for fringe benefits has been unveiled for tax payers who have already filed their return or are liable to furnish the return for fringe benefits only. |
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No relief for salaried class for filing returns
The salaried class and those deriving income from properties and capital gains will have to file returns by July 31 or pay the interest on taxes due on them |
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Electronic tax payment from October for high value payers
The notification says this is in consonance with the government’s policy to increasingly use information technology to improve the operational efficiency of collection of taxes and to reduce the transaction cost. |
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Broad stability with minimal tax change
Budget spells positive steps towards increasing investor confidence, with rational tax rates, widening service tax and relief to pensioners |
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Your CA’s bill just got costlier
In keeping with the trend, the finance minister, in this year’s budget included new services into the service tax net. He also upped the tax rate from 10% to 12% and did away with exemptions. |
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No extension of date for filing I-T returns
Though July 29 and July 30 fall on Saturday and Sunday, the counters would function for the convenience of the public for filing I-T returns says Central Board of Direct Taxes' spokesman AK Sinha |
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Strategies to optimize tax with mutual funds
Mutual Funds by their very nature are not tax saving instruments but they may offer tax concessions. Moneycontrol tells you how to to optimize tax while getting good returns. |
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Get gifts, pay tax
Life and love are God’s free gifts to mankind. For everything else, there’s income tax. |
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What lies ahead for your savings and investments
The budget decides your investment outlays, your asset allocations and your fund allocations. We tell you how your savings have been hit. |
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Important changes in personal taxation
While the Finance Minister has not changed income tax rates for individuals, he has made a few important changes on the savings side. Here are the highlights of the budget impact on personal taxes. |
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Pick your profile and see how the budget changed your life
28th Feb, the day in your life that decides your fortunes. What happened this year? Whether you're salaried, a businessman, a working woman, a senior citizen, get a snapshot right here. |
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SBI e-Tax – Online Payment of taxes
SBI promises no charge for online payment of taxes. |
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Faster refunds for income tax returns filed at post offices
Only in the case of refunds, which are more than Rs 25,000, would the returns be sent to the zonal assessing officer for cross verification of information. |
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July 12, 2006: Filling up income-tax return form
Filing tax returns was never easier than this. Our expert Subhash Lakhotia gives you instructions how to fill up a form. Read on to make things easier for you. |
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Salaried to shell out more in tax
The Centre has finally relented on the long-standing demand from states to enhance the ceiling for tax on professions from the current level of Rs 2,500 to Rs 7,500 per year.
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No additional tax exemptions for petrochem hubs
The revenue department has, therefore, recommended amendments to the tax treatment of companies in the speciality hubs. |
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Last date for filing e-returns extended
Corporates can heave a sigh of relief. The Central Board of Direct Taxes has finally extended the deadline for filing E-returns by a month. |
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Your last chance to file forgotten tax returns
Did you miss the last date for filing your income tax returns? There’s no cause for worry. With a little bit of penal interest, you can set the record straight. |
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Missed the last date for tax returns?
Did you miss the last date for filing your income tax returns? There’s no cause for worry. With a little bit of penal interest, you can set the record straight. |
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33.66% is lesser than 14.025%
The general misconception is that there is no advantage in earning short-term gain since it is taxed at the normal rates. However, that may not always be true, says Sandeep Shanbhag. |
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Corporates can now file IT, FBT returns by Nov 30
The corporates in Gujarat can file these returns by December 31 as the state was in grip of floods as per earlier official statement. |
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Income tax returns to help you work from home
Centre and Delhi Development Authority (DDA) are working out parameters for professionals working from residential areas on criteria like I-T returns. |
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8 tax rules a salaried individual must know
The first thing you need to know if you have to plan your taxes is how much tax you have to pay. Here is a primer on how to calculate your taxes if you are a salaried. |
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A 9-point checklist to save tax this year
Budget 2005 had radically altered several tax deductions and exemptions. This is the first year since those changes. March 31st is the deadline. Act now, says our expert Sandeep Shanbhag. |
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ELSS: Notifications unvieled
The popular mutual fund scheme, the ELSS, got tangled in a web of notifications recently. Moneycontrol expert Kanu Doshi takes us through the events that lead up to the fiasco. |
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Don't club my income with my husband's
Lakshmi, a housewife, talks about her expectations from the budget. |
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Decision on central sales tax phaseout next week
The empowered committee of state finance ministers will take a final call next week on phasing out central sales tax from October 1. |
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Save trees, file your returns online
As per a World Bank-PriceWaterhouseCoopers study paper tax returns filed by businesses in 175 countries gobble up 100,000 trees a year. |
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Protest on economic hardships of senior citizens
Over the past six months, senior citizens have been expressing their deep anguish over new impositions by the finance ministry. A protest programme on economic hardships of senior citizens was organized by Dignity foundation. |
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Taxable income to cover four more items
In budget ’06-07, the finance ministry has erased a tax shelter, exempting interest income from bank deposits, National Savings Certificates, bonds and debentures of public sector units upto Rs 12,000 |
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Smart tips to get yourself a good CA
If you’re earning big, then chances are that you will need a chartered accountant, to help you with your taxes. A good CA will help smoothen your tax hassles and provide advice. |
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Is your kid a star? Keep taxmen at bay
It’s not really good news for you if you have a star at home. You will have to pay tax on the interest income on investments made by your child. |
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States may get to collect service tax from more areas
But states will not enjoy the transfer of the right to levy the tax. The right to levy service tax continues to remain with the Central Government as per the Constitutional provisions. |
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Hope student loans get friendlier
Experts hope education loans become friendlier in this budget. |
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Fin Min hires people to help you file tax returns
The Finance Ministry proposes to recruit 5,000 people in 80 cities to help the self-employed, small businesses and salaried people to file tax returns. |
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Direct tax mop-up zooms 60%
The targeted growth rate for direct tax collections was set at 27.73% in the Budget. Riding on the back of a booming economy, corporate tax collections grew by 75% to Rs 18,500 crore in April-July 15, ‘06. |
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Income tax exemptions should be increased
This will help salaried persons who have no avenues for tax planning and are not entitled for any tax holiday benefits. |
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Three-star hotels, hospitals to get tax breaks
While hotels and hospitals were eligible for tax breaks as infrastructure, the benefit had got knocked off after the government erased Section 10(23G) from the Income Tax Act this year. |
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Make healthcare cheaper
This would be very useful in cutting down the paperwork substantially.
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New form no. 2 launched for business class
Seeing the size of the form, it is not at all easy to fill or to understand. It is complicated and can make filling of your returns very difficult. |
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Service tax generation to touch Rs 50,000 crore this fiscal
In 2005-06, the government earned a revenue of Rs 23,000 crore and fixed a target of Rs 34,500 crore for 2006-07 at the time of the budget presented for service tax collection. |
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Tax returns mandatory on income over Rs 1 lakh
Many taxpayers and even income-tax officers believe that return of income is to be filed only when there is some tax payable. But the law, as it stands today, does not support this, says Mr D.K. Das, the Chief Commissioner of Income Tax, Kolkata-I. |
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Go for a builder who doesn't outsource to avoid service tax
If the builder gets an exemption, the buyer will not have to bear any extra cost on the flat. Generally, the contract between the builder and the buyer is an ‘agreement for sale’. A builder will not have to pay service tax on an outright sale of a flat |
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No Fringe Benefit Tax for political parties
Recently, two new forms - Form no.1 and Form no. 2 have been introduced. If companies file Form no. 1, they need not file FBT returns separately |
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I want STT to be lowered
That will incentivise savings for retirement. |
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SMEs need better funding
That can help small businessmen with a turnover of less than Rs 40 lakh. |
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Taxman hopes to recover Rs 11700 crore of arrears in FY07
The step is aimed at substantially shoring up the fiscal position of the finance ministry, which is scouting for every available resource to meet the expected spike in expenditure on social sector programmes. |
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Now you may file tax returns e-way
The eTaxFile has been designed as per the formats prescribed by NSDL, which has the approval to accept TDS returns. |
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High spenders put exchequer on high
High spenders now know that the taxmen has got specific information about their spending and can't evade taxes anymore. |
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Time limit extended to invest to save capital gains tax
If you've made capital gains and were running out of time to save tax due to lack of bond issues of NHAI and REC to save tax, CBDT gives you this chance now. |
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Tamil Nadu announces tax exemption on computers
The state government has decided to set up an E-Governance Training Academy and Rs 20 lakh has been provided for 2006-07 for the same. |
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Mumbai tops income tax returns charts in July
Tax officials are pleased at the response and expect the number of filers to touch 4 crore this year. Over all, filing of returns for the fiscal year has increased by 37.7%. |
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I am happy with duty cuts
Duty cuts is good for the healthcare sector. |
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Figure out the tax angle on your fixed deposits
Banks attract customers to fixed deposits to meet their own increasing credit demand. |
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You can file returns at your neighbourhood post office
You need to file your returns at a post office in the city where you are assessed for tax. Also submit a 12x10-sized envelope along with the completed tax returns form with your personal details superscribed. |
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Income tax office all set to pamper crorepatis
The large tax payer unit concept is part of the finance ministry’s plans to provide a hassle-free atmosphere for India Inc to discharge their tax obligations, and encourage a higher rate of compliance. |
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New Income Tax Act to come into force from April 1, '08
The new simplified Income Tax Act will replace the existing Income Tax 1961 and will hopefully come into force from April 2008 subject to Parliament approving it "well in time" |
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Missed last date for filing tax returns? Here's what to do
Surprisingly, when it comes to missing the last date of returns, income tax rules aren’t so complicated after all. There is some relief indeed. |
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IT wants to limit tax sops to educational institutions
Many educational institutions are registered as charitable trusts and do not pay tax on their income including donations and capitation fees. |
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IT department runs short of forms
Corporate taxpayers and non-corporate taxpayers doing business have to file their returns by October 31. However, the Income Tax department is running short of forms. |
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Mumbai region's income tax collections up by 62%
The advance tax collection for September period has also gone up by 26.3% to Rs 10,810 crore as compared to Rs 8,558 crore last year. |
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Tax component may be refunded
Some builders, who have added the service tax component to the cost of the flat, have parked these proceeds in an escrow account. It’s possible the money may be refunded. |
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Income tax to continue with Form 2F
The revenue department has claimed that the form has been brought in to simplify the filing of tax returns, as also make it more transparent. |
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Co-operative bank deposits may come under TDS net
While such a move had been spiked by the Supreme Court earlier, the department now wants to explore the proposal in greater depth before taking the final plunge. |
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How Fringe Benefit Tax will hit YOUR salary
Will you end up with a lesser salary, if companies have to pay more fringe benefits tax? Experts say that’s inevitable. So watch out, your Take Home is all set take a beating.
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Does my salary include fringe benefits?
If you are asking this question but are at a loss for an answer, here’s a handy guide to what items come under the ambit of Fringe Benefits. |
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Quick Tips: How to avoid fringe benefits tax
Will the Fringe Benefit Tax impact your salary? A hit is almost inevitable, but can you work around it? This time, experts say, options are few. |
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Capital assets of day traders may qualify for tax relief
An investor is exempt from paying long-term capital gains tax if he sells shares after a year and makes a profit. He has to pay a short-term capital gains tax of 10%, if he sells the shares before one year. |
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Income tax may route refunds via banks
As per the proposal, the tax refund function of the department would be routed through refund bankers, which will credit refund to assessees. |
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Taxman to include PAN in Securities Transaction Tax returns
There is no mechanism to correlate client codes with the PAN of the individual investor or trader. The department wants to plug this information gap. |
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More tax sops, more investments in pension plans
A hike in tax exemption and the growing awareness among Indians to plan for their retirement means more money being put aside in pension plans. |
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I-T weighs steps to up excise collection
Encouraged by the growth shown by customs and service tax collections, the revenue department is looking at ways to raise excise duty mop-up. |
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I-T refunds via banks to begin from January 1
The project is being launched on January 1 on a pilot basis in two income tax circles of Delhi and Patna. |
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Extension of deadline for e-filing of tax returns unlikely
The demand for extension for e-filing of tax returns to the October 31 deadline is getting louder. But the government is in no mood to relent. The Finance Ministry says Chartered Accountants are crying wolf, reports CNBC-TV18. |
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Govt to provide more help for filing tax returns
The government is going to certify 5,000 people as tax preparers in February. The tax preparers will be allowed to charge a fee of Rs 250 for filing and depositing the tax returns. |
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Grandpa's TDS exemption limit doubled
The exemption limit will get doubled from Rs 5000 to Rs 10,000 and comes into effect from June 1 2007 |
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The flip side of e-filing tax returns
The government is having a tough time processing e-returns |
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What about arts courses?
This student is disappointed because the FM seems to have ignored courses in arts. |
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Not too late to file tax returns
Contrary to the current hullabaloo, you can take your time and file returns by March 31 2008! |
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Know your tax form
Those who have given tax for the financial year 2006-2007 or assessment year 2007-2008 will now file tax returns in the new form. |
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I have nothing to complain
A reduction in taxes is going to release more cash for spending, says Ashok Wadhwa of Ambit. |
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No banking cash transaction tax
That can help small businessmen who frequently use the current account. |
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The good news is the higher exemption limit
Investors will have a serious opportunity to invest in debt instruments, says Chartered Accountant Shailesh Haribhakti. That should be good for senior citizens. |
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The salaried are a happy lot
Most experts agree that the budget has been good for the common man. |
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Hike in short term capital gain tax disappointing
The biggest downside is the hike in the short term capital gain. But it may be positive aspect for investors since they will be encouraged to hold the shares for a more than a year, says chartered accountant Shailesh Haribhakti. |
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Taxes and your stock market earnings
Are you an investor or a trader during share market transactions? |
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Cut duties on medical equipment
A doctor talks about his wishes. |
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Budget FAQs
As D-day approaches, find answers to your budget related queries. |
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Fringe Benefit Tax continues to haunt
Mr. Finance Minister, will you please clarify issues of Fringe Benefit Tax, pleads our expert Subhash Lakhotia.
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The new tax slabs
A low down on the latest tax slabs and how they will hit your pocket. |
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