Entries Categorized as 'IncomeTax'

Direct Tax Code: Book Profits and Buy Back?

Date March 3, 2010

With the Budget revealing that the Direct Tax Code will be implemented from April 2011, a few choices have to be made now. The DTC brings in capital gains tax back again – even long term capital gains, which don’t get “preferential” treatment a…

Posted in Credit Repair, DirectTaxCode, IncomeTax, Stocks, TaxSaving Comments Comments Off

Should you invest in Tax Saving Mutual Funds?

Date January 15, 2010

If you buy a tax saving mutual fund – an ELSS scheme or something with “taxsaver” in it – you expect a tax deduction. But does it always apply for you? ELSS mutual funds are specially deductible under Section 80C, which applies to everybody. I…

Posted in Credit Repair, IncomeTax, MutualFunds, TaxSaving Comments Comments Off

Play School Fees are Tax Deductible

Date January 15, 2010

Good news for parents of toddlers: The Latest Income Tax Circular, clarifies that Playschool fees qualify for tax deduction under section 80C, under the “full-time” education clause: Full-time education includes any educational course offered …

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Income Tax Phishing Scam: Don’t Give Details

Date January 5, 2010

The Income Tax Department has warned that any mails requesting credit card details are fraudulent. Information has been received from several quarters that people are receiving electronic mails informing them of their income-tax refunds and seeking…

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Taxes: Still Not Reflecting An Upturn

Date December 8, 2009

Indian Tax Revenues, as I’ve said earlier (Where are the taxes?), are not quite reflective of the buoyant mode of the market.

October 2009 data is now out, and total tax revenues are about 9% below last year to date numbers, at Rs. 2.14 trillion (lakh…

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Where are the taxes?

Date November 22, 2009

John Mauldin asks: If this is recovery, where are the taxes?

I can find no single source of recent sales tax information. It is all one-off, but it is consistent. Sales taxes in my home state of Texas are down 12.8% year-over-year, and we’re in the fi…

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New Tax Code: EET Regime and Tax Saving Schemes

Date August 13, 2009

The new Direct Tax Code is out (full draft) and proposed to cut taxes dramatically starting 2011. From a current slab of about 1.6 lakh, 3 lakh and five lakh (10%, 20% and 30% rates) – the new slabs will be 1.6 lakhs, 10 lakhs and 25 lakhs.

The flip s…

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