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Minus Social Security : EET=Inequity

Hard Hit Small Salaried Deserve Lower Starting Tax Rates! Both Employment & Retirement Made More Taxing! Allowances & Perks – no longer exempt: House rent allowance (HRA), leave travel concession (LTC), medical reimbursement, value of free or concessional medical treatment and children’s education & hostel allowance. Puny deductions that will still continue: Professional tax paid, transport allowance to...

Prepare for the TDS Nightmare!

No Respite From The TDS Bite Even For Non-Taxpayers! TDS Blows That Will Hit You Hard! No provision for furnishing any declaration (as in current Form 15G/15H) for non deduction of TDS from interest in cases of non-taxable income will hit hard senior citizens, widows, agriculturists and several other small interest earners. No provision for obtaining any certificate for TDS at a lower rate will create hardships for...

Roti, Kapda but No Makaan!

Analyzing Tax Gain & Pain In The New EET Regime Tax Incentives for Housing Scrapped: Current deductions in respect of interest & repayment of housing loan abolished under the new Code. Higher Deduction For Savings & Children’s Education: Individual & HUF entitled to an aggregate deduction of upto Rs.3 lakhs in respect of permitted savings & children’s tuition fees payment, as compared to current...

Tax Bombshell hangs on Insurance!

Code Has Not Visualized Many Dreadful Consequences! Many Insurance Products under Severe Tax Threat Any sum received under a life insurance policy including any bonus thereon will be exempt, only if the premium does not exceed 5% of the capital sum assured and such sum is received only upon completion of the original period of contract or upon the death of the insured. All existing ULIPs, Money Back &...

A Tryst with Your Tax Destiny!

Participate in Shaping the Final Contours of The Direct Tax Code “To qualify being literate in the 21st century, you must be one who can learn, unlearn and relearn.” This quote of Alvin Toffler should inspire taxpayers and professionals of India to get oriented with the new philosophy of the proposed Direct Tax Code (DTC), after their near 50 year old acquaintance with the Income Tax Act of 1961. Fortunately, the...

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