Recent Event Highlights: India Budget 2011 Confirms Implementation of Direct Tax Code, Reduces ... - EON: Enhanced Online News (press release), Deadline breather for private PF trusts for EPFO nod - Indian Express, What should be your investment strategy after Budget 2011-12 - Equitymaster.com, SEZs: From 'hot picks' to leftovers, the story of changing policies - Moneylife Personal Finance site and magazine, Upcoming financial legislative initiatives - Sify, Transfer pricing norm rejig on way - Calcutta Telegraph, and 99 more...
Created by dipity on Mar 31, 2009
Last updated: 07/21/11 at 12:20 AM
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India Budget 2011 Confirms Implementation of Direct Tax Code, Reduces ...EON: Enhanced Online News (press release)The Indian Finance Minister also confirmed that the new Direct Taxes Code (DTC) which is meant to replace the Income Tax Act of 1961 will be implemented on April 1 2012. The Goods and Services Tax (GST), which is in the process of being reformed, ...and more »
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Deadline breather for private PF trusts for EPFO nodIndian Express... including American Express Bank, SBI Life Insurance, Daimler Chrysler and MMTC who prefer to manage their retirement funds independently of the vagaries of the EPFO by setting up provident fund (PF) trusts under the Income Tax Act of 1961. ...and more »
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What should be your investment strategy after Budget 2011-12Equitymaster.comAt present 1 yr bank FDs are offering interest in the range of 7.50% - 8.75% pa Long-term infrastructure bonds (offering tax benefit under section 80CCF of the Income Tax Act, 1961) can also be considered for availing income tax benefit beyond Rs. 1 ...and more »
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Moneycontrol.comSEZs: From 'hot picks' to leftovers, the story of changing policiesMoneylife Personal Finance site and magazineSEZ Units are allowed 100% Income Tax (IT) exemption on export income under Section 10AA of the Income-Tax Act for the first 5 years, 50% for the next 5 years thereafter and 50% of the ploughed-back export profit for the next 5 years. ...FM ignores STPI extension, IT industry upsetCIOLall 98 news articles »
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Upcoming financial legislative initiativesSifyDirect Taxes Code, 2010: This bill replaces the Income Tax Act, 1961, and seeks to create a new direct taxes framework. The code changes the current income tax slabs for individuals and corporate entities. The bill was introduced in the Lok Sabha in ...and more »
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Transfer pricing norm rejig on wayCalcutta TelegraphPlus minus 5 per cent variation: The second proviso to section 92C(2) of the Income Tax Act, 1961 has been subject to amendments and diverse interpretations. At present, the proviso provides for an arm's length variation of +/-5 per cent to the ...and more »
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Budget 2011: No major reforms on M&A, corp revampDaily News & AnalysisSection 72A of the Income Tax Act, 1961 enables transferee companies to avail tax benefits in form of availability of losses of transferor companies. Amendments in these provisions in line with Direct Taxes Code would have given significant boost to ...and more »
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Excerpt
Introduction
The provisions of the Finance Bill, 2011 relating to direct taxes seek to amend the Income-tax Act, 1961, inter alia, in order to,-
(i) increase the basic exemption limit in the case of individual taxpayers;
(ii) lower the qualifying a
Source Info
Economic Times
http://economictimes.indiatimes.com/news/provisions-relating-to-finance-bill-2011/articleshow/7598239.cms
Excerpt
... The provisions of the Finance Bill, 2011 relating to direct taxes seek to amend the Income-tax Act, 1961, inter alia, in order to,- (i) increase the basic exemption limit in the case of individual taxpayers; (ii) lower the qualifying age of senior citizens...
Source Info
Economic Times
http://economictimes.indiatimes.com/news/economy/finance/provisions-relating-to-finance-bill-2011/articleshow/7598239.cms
Moneycontrol.comAn additional tax savings of Rs. 2000 for you!!Equitymaster.comAlso, the most debatable issue (pending for a long time) of the qualifying age for a senior citizen under the Income Tax Act, 1961 has been addressed to in this year's budget. The FM has reduced the qualifying age for a senior citizen to 60 years from ...What Indian IT has to say about BudgetCIOLall 215 news articles »
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DSP BlackRock MF Declares Dividend for Tax Saver FundIndia Infoline.com... from a diversified portfolio that is substantially constituted of equity and equity related securities of corporates, and to enable investors avail of a deduction from total income, as permitted under the Income Tax Act, 1961 from time to time.and more »
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The first of four Presidential debates between John F Kennedy and Richard M. Nixon. With Open and Closed Captions and interactive transcript. Playlist for Richard Nixon: www.youtube.com
The Hauenstein Center for Presidential Studies Presents: Reagan's Heroes - A 100th Birthday Celebration Character Interpreters; Paddy Morrissey (Ronald Reagan): www.paddymorrissey.com Bill Barker (Thomas Jefferson): www.thethomasjefferson.com Brian Hilton (John F. Kennedy): www.arnettandassociates.com Jim Cooke (Calvin Coolidge): www.crankyyankees.net John Hamant (Franklin Roosevelt): A native of Baltimore, Maryland, John holds a BFA in Theatrical Production and an MA in Acting and Directing from the University of Arizona in Tucson. A life-long interest in history prompted him to turn from a full-time acting career to the educational efforts of the Colonial Williamsburg Foundation. In his thirty three years with Colonial Williamsburg, John held the positions of Senior Archaeologist, Character Interpreter, Manager (and later Director) of Evening and Special Programs, and Director of Special Events and Protocol. As a Character Interpreter he developed the personages of Lord Botetourt, Peyton Randolph, John Greenhow, Lewis Burwell, and several others. Beginning in 1993, John developed a portrayal of Franklin Delano Roosevelt for a special Colonial Williamsburg program. He continued to perform as the 32nd president over the next nine years for Colonial Williamsburg programming, and now has the honor of bringing FDR to life for more diverse and distant audiences. Though now semi-retired, John works as a writer, consultant, interpreter of persons of the past, and continues to ...
Moneycontrol.comRaise tax exemption to increase insurance penetrationDaily News & AnalysisAt present, provident fund contributions, public provident fund (PPF) contributions, purchase of national savings certificates and a host of other investments fall in the tax exempting section under the Income Tax Act, 1961 (Section 80C). ...Top 10 Tax-saving Instruments for Investors!India Business Blog (blog)all 10 news articles »
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Excerpt
...purchase of national savings certificates and a host of other investments fall in the tax exempting section under the Income Tax Act, 1961 (Section 80C). However, with life insurance turning vital due to change in the way of living, resulting in importance...
Source Info
DNA India
http://www.dnaindia.com/money/report_raise-tax-exemption-to-increase-insurance-penetration_1511183
ASSOCHAM calls for tax exemption to infrastructure capital cos.India Infoline.comService tax exemption should be extended all such projects. Section 10 (23G) of the Income Tax Act 1961 which was there till assessment year 2006-07 provided for exemption of interest and long-term capital gains for infrastructure capital companies and ...ASSOCHAM calls for tax exemption to infrastructure capital companiesOrissadiary.comall 3 news articles »
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www.c-spanarchives.org
Excerpt
...an educational institution accumulates income, it does not go out of consideration of section 10(23C)(vi) of the Income Tax Act, 1961, provided, however, that the same is not applied for purposes other than education. Accumulation of surplus by an educational...
Source Info
DNA India
http://www.dnaindia.com/money/column_surplus-generated-by-educational-institutions-can-be-tax-exempt_1506551
Simple problem on Preparation of Consolidated Financial Statement
The HinduCorrupt IAS couple's properties attachedTimes of IndiaAs many as 77 bank accounts belonging to members of Joshi family, their real estate and other properties have been attached under the provisions of section 281-B of the Income Tax Act 1961. Sources in the IT department said the assets have been ...I-T dept attaches properties; freezes accounts of IAS coupleOneindiaIT dept attaches properties; freezes accounts of IAS couple in MPThe HinduI-T dept attaches properties; freezes accounts of IAS coupleSifyall 13 news articles »
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PRERNA -- EK PAHAL EK AASHA(An NGO) is a Social Welfare Initiative of HL Gupta Education & Social Welfare Trust (Regd) Ghaziabad INDIA [A Non -- Profit,Non-Religious,Non Sectarian and Non discriminatory charitable Trust Registered under Indian Registration Trust Act 1882.] It was formed with the clear Vision to organize / participate in social welfare programmes to help the desperately Poor & Underprivileged. Acharya Tarun is a Founder Chairman. PRERNA Ek Pahal Ek Aasha A Social Welfare Initiative of HL Gupta Education and Social welfare Trust (Regd) 170 -- 171, First Floor Devika Chamber Rajnagar District Centre Ghaziabad Uttarpradesh INDIA Ph: - 9891069636 / 0120 -- 2821338 / 2826025 E.mail:-prernaimpulse@gmail.com Blog:-www.prernaindia.blogspot.com Website:- www.iPrerna.org SABKA MANGAL HO ! MAY ALL BEINGS BE HAPPY ! NOTE:- Financial contributions to Prerna Ek Pahal Ek Aasha (Donations in India)- Please send cash/cheque/draft in the name of HL Gupta Education & Social Welfare Trust and send it to Prerna Ek Pahal Ek Aasha 170- 171,First Floor Devika Chamber Rajnagar District Centre Ghaziabad-201001 uttarpradesh INDIA (Kindly send your full name, address & Pan No. with the contribution for receipt/accounting purpose. ( All donations to HL Gupta Education & Social Welfare Trust in India are entitled to Income Tax relief under section 80 G of Income Tax Act- 1961)
Excerpt
...capital goods purchased from the cost of capital goods while calculating depreciation as per Company’s Act, 1956 and Income Tax Act 1961 like we do in case of CENVAT credit under CENVAT rule. If you claim depreciation on the full cost including the duty amount,...
Source Info
DNA India
http://www.dnaindia.com/money/comment_you-can-either-claim-abatement-or-set-off_1502401
In this edition of GEPL elearning we will discuss how to get the maximum returns from investments made for tax exemptions. Routine investment options like PPF, NSC or ULIP are either very long term or the returns are very low. Equity Linked Saving Scheme or popularly known as ELSS is a good option where you can save tax and get good returns. ELSS is a mutual fund scheme that invests in equity and equity related securities. Investments in ELSS are eligible for deduction up to Rs. 1 Lakh under section 80C of the Income Tax Act 1961. ELSS investments have a three year lock-in period that allows the investor to participate in the long term growth potential of equity markets. The three year lock in enforces a discipline on the investor that prevents him from impulsive redemption in case of market volatility. Secondly, the fund managers of tax saving gets a longer time horizon to manage the funds in a better way. In comparison to ELSS other investments under section 80C like PPF, NSC, etc. offer a fixed return with a longer lock-in -- period like 15 and 6 years respectively, where as ELSS has lock-in period of only 3 years. Minimum investment in ELSS is Rs.500/- as against Rs.1000/- for PPF and Rs.10000/- for ULIP. In NSC and ULIP gains and returns are taxable where as in case of ELSS dividend is tax free and no capital gains tax too. In our opinion the investor should consider four factors before investing: Risk, Return, Liquidity, & Tax Efficiency. If you require tax benefits ...
Midday Meal is a strategic program to liberate the underprivileged children from scourge of hunger and malnutrition, this program is a project of the Government of India, and is being implemented by ISKCON Food Relief Foundation in Mumbai. ISKCON Food Relief Foundation is a non-profit, non-religious, non-sectarian charitable trust and has been organizing the Midday Meal Program in other cities besides Mumbai. This project is being implemented in Government aided and Municipal Primary schools for the benefit of underprivileged children, it is done without any commercial motive and the benefits will be available to students at large without any discrimination on grounds of religion, caste, creed or sex. Since the launch, we have set up two state-of-the-art kitchens, one located at Tardeo and the other at Mira Road. These kitchens have a capacity to cook for 24000 and 15000 meals per day respectively. As of now, the two kitchens cater to 135 schools in South Mumbai and Mira Bhayander Municipality covering 35000 students everyday. You will be happy to learn that corporate bodies such as Accenture, Nicholas Piramal, Reliance Industries, Sterlite, Apar Industries, Mafatlal Industries, Yash Birla Group etc. have been kind enough to support the program with their benevolence. Individuals such as Mr. Alfred Ford of the Ford Motor Company, Late Shri Sunil Dutt, Smt. Indu Jain have given their unstinted support to bring the program to the present level and to spread awareness about ...
Midday Meal is a strategic program to liberate the underprivileged children from scourge of hunger and malnutrition, this program is a project of the Government of India, and is being implemented by ISKCON Food Relief Foundation in Mumbai. ISKCON Food Relief Foundation is a non-profit, non-religious, non-sectarian charitable trust and has been organizing the Midday Meal Program in other cities besides Mumbai. This project is being implemented in Government aided and Municipal Primary schools for the benefit of underprivileged children, it is done without any commercial motive and the benefits will be available to students at large without any discrimination on grounds of religion, caste, creed or sex. Since the launch, we have set up two state-of-the-art kitchens, one located at Tardeo and the other at Mira Road. These kitchens have a capacity to cook for 24000 and 15000 meals per day respectively. As of now, the two kitchens cater to 135 schools in South Mumbai and Mira Bhayander Municipality covering 35000 students everyday. You will be happy to learn that corporate bodies such as Accenture, Nicholas Piramal, Reliance Industries, Sterlite, Apar Industries, Mafatlal Industries, Yash Birla Group etc. have been kind enough to support the program with their benevolence. Individuals such as Mr. Alfred Ford of the Ford Motor Company, Late Shri Sunil Dutt, Smt. Indu Jain have given their unstinted support to bring the program to the present level and to spread awareness about ...
a wide range of beautifully handcrafted items of jute/paper/cloth, made by the women of Vidya Udyog kendra Buy and celebrate! support the women and enable them to earn and live a meaningful, dignified life! contact: Pratima Goel pragoel8@gmail.com VIDYA Integrated Development for Youth & Adults D-II/2442, Vasant Kunj, New Delhi 110070 India Phone: 26011490, 46065056, 41740019 Email: vidya_ngol@hotmail.com Website: www.vidya-india.org Vidya is a non profit organisation registered with the Registrar of Societies, Donations to Vidya are exempted under 80-G of the Income Tax Act, 1961.
There are various tax planning tools available, in the Income Tax Act, 1961 of India, to save taxes or reduce tax liability. For same, one need to understand and plan his expenses, investments etc in such way that tax liability is reduced or neutralised. This video explains on that what are those tools - Sulabh Lohia (Chartered Accountant)
As per the provisions of Indian Income Tax Act, 1961, there is a statutory requirement of payment of advance tax during the year when the income is earned. How the advance tax liability arises, who are responsible to pay advance tax, how much advance tax to pay in different installments, is explained here - Sulabh Lohia (Chartered Accountant)
As per Income Tax Act, 1961, there are various incomes exempt from tax. Agriculture income is one of them. What are agriculture income, which are exempt from income tax, have been explained here - Sulabh Lohia (Chartered Accountant)
There are notices being issued by the Income Tax Deptt, for mismatching of TDS reflecting in Income Tax Records with TDS shown by assessee in his Income Tax Return {filed u/s 139(1)}. Therefore, a rectification application u/s 154 (of Income Tax Act, 1961) can be filed to recitify that mistake - Sulabh Lohia (Chartered Accountant)
Entire Infrastructure Governor Candidates Debate at Northland Inn in Brooklyn Center, 8/25/10.
The June public forum of the President's Bipartisan Fiscal Commission.
IT exemption limit for gratuity raised to Rs 10 lakhIndian ExpressHowever, gratuity up to Rs 3.5 lakh is exempt from tax under the provisions of Section 10(10) of the Income Tax Act, 1961.and more »
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Exemption from Tax for Gratuity Payments Enhanced from Rs. 3.5 Lakh to Rs. 10 LakhPress Information Bureau (press release)... ten lakh rupees as the maximum amount of gratuity entitled to exemption under sub-clause (iii) of clause (10) of section 10 of the Income Tax Act 1961. ...
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How to claim tax benefits for home loansSifyThe Income Tax Act, 1961 provides for tax benefits for assessees that have home loans. Typically a home loan is repaid to the bank / lender in monthly ...
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SAAP told to pay Rs 86 cr to income tax deptPress Trust of India... and provide exemption from payment of income tax under Section 10 (23) of the IT Act, 1961, according to Principal Secretary (Sports) AK Parida. ...and more »
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Keep track of your tax refundDaily News & Analysis... happened to your tax refund ie the amount of tax you paid in excess of the amount payable as per the provisions of Income-Tax Act, 1961 ('the Act'). ...
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Chandigarh TribuneRCom gets nod to sell stakeChandigarh TribuneThis is on the presumption that the donations made by you are covered for the purposes of deduction under section 80G of the Income-tax Act 1961 (the Act), ...and more »
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Money mantra: Vikas Vasal, partner, KPMG IndiaEconomic TimesAs per Income-tax Act, 1961, for any regular assessment, broadly speaking no notice for the scrutiny assessment under section 143(3) of the Act shall be ...Text of the Finance BillDaily Timesall 4 news articles »
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Tax treatment for home loansEconomic TimesThe Income Tax Act, 1961 provides for tax benefits for assessees that have home loans. Typically a home loan is repaid to the bank / lender in monthly ...and more »
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Money mantra: Vikas Vasal, Partner, KPMG IndiaEconomic TimesAccording to the provisions of Section 80G of Income-Tax Act, 1961, no deduction shall be allowed in respect of any donation unless such donation is of a ...and more »
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New taxpayer schemes to be introduced this year by IT departmentEconomic Times"This is the last year of the 1961 Income Tax Act. This year, a number of taxpayer programmes of the department can be initiated and completed," CBDT Member ...India Nears New Tax CodeTax-news.com (subscription)Govt to address nine areas of concern in revised DTC draftEconomic TimesGST not to be a cakewalk, admits PranabCentral ChronicleThe Hinduall 34 news articles »
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www.c-spanarchives.org
www.c-spanarchives.org
"just as the Son of Man did not come to be served, but to serve, and to give his life as a ransom for many." Glorious Gospel Mission Charitable Trust and Church in the service of mankind is a Christian relief, development and advocacy organization dedicated to working with children, Families and communities to overcome poverty and injustice. Inspired by our Christian values. We unanimously envisage and eagerly work for a transformed and enlightened society where each and every one, irrespective of ones existing strength, weakness, poverty, hunger, inequality, discrimination, injustice and hard struggles of human life, confidently and fearlessly stand on ones feet with maximum utilization and development of ones inner human potentialities, competencies & commitment and externally available material and spiritual resources with an open-minded culture for the continuous growth, realization and fulfillment of a meaningful, decent, healthy, dignified and contented human living here on earth. Glorious Gospel Mission Charitable Trust is an organization dedicated to the promotion of nature conservation as a strategy for the establishment of a peaceful world. Glorious Gospel Mission Charitable Trust is a registered Trust. It is also registered under the section 12AA and 80 G (5) (VI) of the Income Tax Act, 1961 The desire of a man is his kindness to the poor. Many a time human beings yearn to do the right thing, especially when they have been blessed with abundance and wish to ...
Banks want 80C relief for 3-year term depositsHindu Business LineSpecifically, they want the deduction available on investments under Section 80C of the Income-Tax Act, 1961, extended to three-year term deposits. ...
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Global Vantedge case decided in IndiaTransfer Pricing Week... turn is held by Global Vantedge Bermuda), renders IT-enabled services and is eligible for the tax holiday under section 10A of the Income-tax Act, 1961. ...
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SC defines 'manufacturing' for finminEconomic Times“Repeatedly this court (Supreme Court) has recommended to the department, be it under Excise Act, Customs Act or the Income Tax Act, to examine the process ...and more »
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Service tax refunds to exportersBusiness Standard... must be certified by the statutory auditor who certifies the accounts of the entity under either the Companies Act 1956 or the Income Tax Act 1961, ...
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High inflation: Token IT exemption limit hike likelyEconomic TimesThe new provision related to tax deduction at source (TDS) under the Income Tax Act 1961 will become applicable with effect from April 1.and more »
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