Everyone has a dream to own a house. And what better time to realize this dream than trying your luck when the government announces its housing scheme every year. Not only the houses offered are good, the rates too are affordable. This year the Delhi Development Authority (DDA) or DDA housing scheme has been announced. At stake for this year are 16,000 flats in the various parts of the city. This year’s DDA housing scheme is touted to be the biggest to have launched in the recent past.
In this part two of how the new provisions in the Direct Tax Code (DTC) which will take effect from April 1, 2012 will impact your investments, savings and taxes, we will continue to see which investments you can continue to claim deductions and investments where deductions have been done away with.
The Direct Tax Code (DTC) is here and will take effect from April 1, 2012. The DTC brings with it a host of new changes to the tax code and it is time you get to know how it could impact your investments, savings and taxes. In this first part of the series we will see the basic changes to the tax slabs and changes to the deductions.
Education system in India has come a long way. From modest beginnings the country’s educational institutions have emerged to attain the status of one of the best destinations for higher studies in the world. Today the country has an array of internationally reputed educational institutions where not only local students study but also students from NRI families benefit.
Most educational institutions in India admit NRI students through their quota systems but for a higher fee. However, the higher fee structure has not deterred NRI students from studying in India thanks to the NRI educational loans available now.
So, it is finally here! After months of deliberations and tweaks, the much-awaited Direct Taxes Code (DTC) will replace the age-old Income Tax Act from April 1, 2012. So how will the new DTC impact you and me and the millions of salaried individuals in this country? Let us see!
Personal taxation slabs: A disappointment!
While there was widespread cheer about the proposed personal taxation slabs in the original form of the DTC when it was proposed last year, the current DTC act wears an insipid look. It has nothing major to offer on personal taxation slabs except that men, women and Hindu Undivided Family (HUF) will now face Rs. 2 lakhs of tax free exemption.
This is how the new tax slabs in DTC will look. There will be no tax up to Rs 2 lakh. There will be 10% tax on income between Rs 2,00,001 and Rs 5 lakh; 20% tax on income between Rs 5,00,001 and Rs 10 lakh; and finally 30% tax for income above Rs 10 lakh.
You might have well heard all over with the rescission troubles and matters, once they ruled the economic pages headlines. In connection with that there were many other news and one of the major one was that the clash in the property prices. The saying was that there was a reduction of at least about 25-30% of the peak price they had before the rescission. But what is the actual truth in this? Have the prices really come lower. If then the sale would have been boosted. You can write your opinion about it. Lets see.
There are some types of Income that the tax department has given as not to pay taxes, if the income comes from these sources, we can have a small walk through these, as normally people loves saving tax and its high time that we know about the income excluded from tax.
Agriculture activity income is not treated as an income this can be more explained with the help of an example if your father gives you money from his agricultural income as a gift then you do not have to treat it as taxable income, but father should be a person who files his return.
The modern world anywhere you live has become a place where uncertainty is the ruler, many people have recognized it, as more people began to know more about this truth the insurance market is gaining popularity. No matter what the insurance is for be it health or for life people now has the tendency to save money to cover them for. In India there is not a policy still at hand that covers you when you have lost your employment (but it may come in the future).