Revised Service tax rate 14% applicable from June 1: Practical Implication After the Hon’ble President has given assent to the Finance Bill, 2015 on Thursday, May 14, 2015, the Ministry of Finance, Department of Revenue vide Notification No. 14/2015-ST dated [Read More]
Valuation of perquisite in respect of free education The basis of valuation of education facilities provided by employer:m TRAINING OF EMPLOYEES Amount spent for providing free education facilities to, and training of the employee, is not taxable. Thus, any type [Read More]
Abolition of levy of wealth-tax under Wealth-tax Act, 1957 History of Wealth Tax Act Wealth-tax Act was introduced w.e.f. 01.04.1957 on the recommendation of Prof. Nicholas Kaldor for achieving twin major objectives of reducing inequalities and helping the enforcement of [Read More]
Pradhan Mantri Suraksha Bima Yojana (PMSBY) As we tell you – The Pradhan Mantri of India is all set to launch another flagship social security scheme: Pradhan Mantri Suraksha Bima Yojana (PMSBY) – An accidental Death and Disability insurance scheme. Here a detail [Read More]
Tax Benefits of Education Loan Have you taken an education loan to support higher studies of yourself or of your spouse, Children or for the student of whom you are legal guardian and you are not aware of the tax [Read More]
Social security In India Introduction After successful launch of Jan Dhan Yojana, Prime Minister Modi had last week launched the ‘Pradhan Mantri Jivan Jyoti Bima Yojana’, ‘Pradhan Mantri Suraksha Bima Yojana’ and the ‘Atal Pension Yojana’ in Kolkata; another step [Read More]
Relief under section 89 Meaning It is the amount deducted from tax payable for the year in which it is received. The detail provision as to applicability and manner of availing this relief is in section 89 and further mode [Read More]
Taxability of Provident Fund Employees’ provident fund Provident fund scheme is as a retirement benefit scheme. Under this scheme, a stipulated sum is deducted from the salary of the employee as his contribution towards this fund. The employer also generally [Read More]
How provision of Black Money bill impact your tax assessment The government has been grappling with the undesirable consequences that black money has on the economic development of the country. The introduction of The Undisclosed Foreign Income and Assets (Imposition [Read More]
Allowance under section 10(14) Meaning of allowance Allowance is generally defined as fixed quantity of money or other substance given regularly in addition to salary for the purpose of meeting some particular requirement connected with the services rendered by the [Read More]