Don't Worry , Be Happy !
budget proposals :Settlement Scope Increased
Now search and seizure cases pending for assessment is eligible for application for settlement to Settlement Commission .
Extra Deduction of Rs 20,000 For Individuals & HUF
A deduction u/s 80CCF for an additional amount of Rs.20,000 for investment in long-term infrastructure bonds as notified by the
Tax Slabs Expanded
New tax labs are as under
Upto 1,60,000 Exempt
Rs 1,60,001 to Rs 5,00,000 10 %
Ra 500001 to Rs 8,00,000 20 %
Over Rs 8,00,000 30%
Therefore , majority of tax payers will get some kind of relief from tax.
Deduction u/s 80D on
1. Exemption available under sections 10A and 10B has been extended by one more year. Consequently, these exemptions will now be available up to the assessment year 2010-11.2. The scheme of disallowance under section 40(a)(ia) has been modified with retrospective effect from the assessment year 2005-06 on the following lines—Tax is deductible but not deductedNo [...]
Budget 2008 -Fine Prints 3 Budget 2008 has brought some very nice changes in section 80 D . These are : Additional Rs 15,000 for medical insurance on parents. If the insured parent is senior citizen , additional insurance amount is Rs 20,000 (Not Rs 15,ooo) Parents need not be dependent on the assessee. If...
The tax deduction u/s 80DDB of the Income Tax Act provides relief to tax payers who are individual … [Read More...]
A video reports on tax planning by US based corporate to shift their office elsewhere in other … [Read More...]
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