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ICAI President’s Message November 2015

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ICAI President’s Message November 2015   Dear Friends, When we like learning something we find it easier to do so. If we are reluctant to do something, the same becomes difficult for us. It is human psychology. And the situation follows us even in our adulthood. Filmmaker Akira Kurosawa in Something like an Autobiography, has […]

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Frequently Asked Questions on Income tax

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Frequently Asked Questions on Income tax What is Income Tax? It is a tax imposed by the Government of India on any body who earns income in India. This tax is levied on the strength of an Act called Income Tax Act which was passed by the Parliament of India. What is meant by ‘income […]

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Taxability of Allowances

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Taxability of Allowances Allowance is defined as a fixed quantity of money or other substance given regularly in addition to salary for meeting specific requirements of the employees. House Rent Allowance: Provided that the expenditure on rent is actually incurred, exemption is available upto the least of the following : HRA received. Rent paid less […]

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Capital Asset

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Capital Asset Capital Asset is defined to include: Any kind of property held by an assesse, whether or not connected with business or profession of the assesse. Any securities held by a FII which has invested in such securities in accordance with the regulations made under the SEBI Act, 1992. However, the following items are […]

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Cost of Acquisition with reference to Certain Modes of Acquisition

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Cost of Acquisition with reference to Certain Modes of Acquisition Where the capital asset became the property of the assessee: on any distribution of assets on the total or partial partition of a Hindu undivided family; under a gift or will by succession, inheritance or devolution; on any distribution of assets on the dissolution of […]

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Income Tax and Taxable Income

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Income Tax and Taxable Income Income-tax is charged on the Total Income of a Previous Year at the rates prescribed for the Assessment Year. ‘Assessment Year’ means the period of 12 months commencing on April 1, every year. ‘Previous Year’ is the financial year immediately preceding the assessment year. A ‘resident’ tax payer is charged […]

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Post Office Time Deposit Accounts

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Post Office Time Deposit Accounts Post Office Time Deposit Accounts offers the facility of investing surplus funds at relatively higher rates of interest. The deposits made under this scheme for a period of 5 years are also eligible for tax benefits under section 80C of Income Tax Act. Feature Description Eligibility Any individual singly or […]

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Post Office Monthly Income Scheme

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Post Office Monthly Income Scheme (MIS) Post Office Monthly Income Scheme (MIS) is meant for investors who want to invest a sum amount initially and earn interest on a monthly basis for their livelihood. The scheme is, therefore, more beneficial for retired persons. Recent Changes in the scheme : The maturity period reduced from 6 […]

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Senior Citizens Savings Scheme (SCSS)

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Senior Citizens Savings Scheme (SCSS) Post Office Senior Citizens Savings Scheme has been notified with effect from August 2, 2004. The Scheme offers a new avenue of investment and return for Senior Citizen. The investment under this scheme qualify for the benefit of Section 80C of the Income Tax Act, 1961 from 1.4.2007. Eligibility: Any […]

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NSCs (National Savings Certificate)

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NSCs (National Savings Certificate) National Savings Certificates (NSCs) are popular as Tax Saving instruments. NSC scheme has been designed for Government employees, Businessmen and other salaried classes who are Income Tax assesses. NSCs are a long term tax saving option for investors. Loan is available form banks against pledge of NSCs in their favour. The […]

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