Two of the most controversial change in taxation of rental income from house property by earlier Direct Tax Code were -proposal of tax @ 6 % of presumptive rent calculated at 6% per annum of the ratable value fixed by the local authority and abolition of any interest deduction even from one house which is self occupied by a taxpayer.
The Union cabinet today cleared a proposal to raise the ceiling for payment of gratuity to private sector employees from Rs 3.5 lakh to Rs 10 lakh. The Government employees already get enhanced gratuity of Rs 10 Lakh vide acceptance of recommendation of Sixth Pay Commission.
Till now , however , the exemption
It is reported in media that Bank may allow , very soon, withdraw up to Rs 1 lakh in a single day from ATM machines, and can shop for even an higher amount of Rs 1.25 lakh with their debit cards. Also, as much as Rs three lakh can be transferred in a day to another account through ATMs as also over phone. The enhanced limits for ATM withdrawals, debit card swiping
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
The electronic payment option for payment of service tax was available only to those who had paid a service tax of Rs 50 lakh or more including utilisation of Cenvat credit. Now , the Central Board of Excise and Customes has made electronic payment of service tax compulsory from April 1, 2010, vide notification No.1/2010,