The Budget 2013 was announced today. Here, we talk about a few changes proposed by the Finance Minister, which will impact personal taxation directly. These proposals will become a part of the income tax law only when the parliament passes them. No Revision in Tax Slabs or Tax Rates: Per our Finance Minister, "In a constrained economy, there is little room to raise tax rates or … [Read more...] about Budget 2013: What’s in store for you?
Tax Refunds
Income Tax Dept Moves SC Over Tarun Tahiliani Issue
Noted Fashion designer Tarun Tahiliani has moved the Supreme Court in relation to the issue of claiming tax exemption on his income from overseas. The dispute between Tahiliani and the Income Tax department can be traced back to the former’s earnings for the Financial Year 1999-2000. He had claimed deduction for the same period, the tax effect for which was Rs 25.80 lakhs. … [Read more...] about Income Tax Dept Moves SC Over Tarun Tahiliani Issue
Harshad Mehta Case: Special Court Orders Release of Rs 650 cr
The Special Court (set up under the Special Court Act of 1992) has ordered the custodian appointed by it to release a sum of Rs 650 crores from the liquidated assets of the Harshad Mehta group of entities against pending claims by various entities. These entities are: Income Tax Department: Rs 28 crore Standard Chartered Bank: Rs 346 crore State Bank of India: Rs 260 … [Read more...] about Harshad Mehta Case: Special Court Orders Release of Rs 650 cr
Things to keep in mind before filing tax returns
Ensure details are filled correctly as it needs to be matched with the IT department’s database. Like every year, you must be preparing to file your income tax returns. Here is something that you should be careful about: ensure every detail is filled in correctly as it needs to be matched with the income tax department’s (ITD) database. Also, some norms have changed for you if … [Read more...] about Things to keep in mind before filing tax returns
Mediclaim Premium for Family is Deductible
When you pay mediclaim premium up to Rs. 40,000 during a financial year, for self, spouse, dependant parents or children, it is considered as a deduction from income. The payment of the premium should be made out of taxable income, by any mode except cash. Hence, the taxable salary reduces up to maximum of Rs. 40,000 (view table). This makes mediclaim premium a tax benefit that … [Read more...] about Mediclaim Premium for Family is Deductible