The governemnt has release press release about the new Rajive Gandhi Equity Svanings scheme which is approved by the Union Finance Minister Shri P. Chidambaram . The scheme is exclusively for the first time retail investors in Securities Market. This Scheme would give tax benefits to new investors who invest up to Rs. 50,000 and [...]
Finance Bill 2011-12 has inserted a new section 115BBD to check the black money . Previously , readers were made aware about the new provision to treat share premium as deemed income , tcs on cash purchase of bullion , onus of proving share capital on on private companies were explained to readers. Now , [...]
Direct Tax Code 2010 has three section 70, sec.71 & section 72 which deals about tax incentive (read deduction ) on premium paid on life insurance, mediclaim and payment of tuition fee respectively. Each section has its own conditions to be fulfilled in order to claim deduction (read incentive ) . However, there is section...
Section 80U of the I T Act provides deduction to person sffering from specified disability by at least to the extent of 40 % or in case of sever disability , 80 % suffering. For claiming deduction,you ought to have the certificate first , before you can claim the deduction u/s 80U. As per Rule 11A of I T Rules, medical authority for issuing certificate of disability are