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KEEP PACE WITH THE TIMES MR. FM!

Revise age-old exemptions linking them with cost inflation index & rationalize TDS threshold & rates! Lord Vishnu, in his ‘Vaman Avtar,’ sought just three steps of land from Raja Bali and in the process covered ‘Triloka.’ On the eve of Budget 2013, if God were to ask me to make it even shorter and seek just one wish to be fulfilled by the FM for the Indian taxpayer today, I would promptly plead ‘grant real...

HEALTH, HOUSING & EDUCATION!

Budget 2013 needs to focus on these three key sectors and grant meaningful tax reliefs! Oliver Wendell said, “Taxes are the price we pay for Civilization.” While revenues must be collected from taxpayers to be utilized for allocation towards decent housing, quality health and basic education for the poor and deserving, those who pay taxes must also enjoy adequate tax incentives for serving their own needs and...

TOP SAVINGS CHOICE FOR SENIORS!

SCSS gets thumbs up on counts of security, return, tax saving & liquidity!              The Senior Citizens Savings Scheme (SCSS) has opened up a good investment opportunity for Senior Citizens desirous of making a secured investment of upto Rs.15,00,000 earning a reasonable return of 9.30% per annum (9% per annum till 31st March, 2012). With effect from F.Y. 2007-08, SCSS also having been notified as an...

STIPENDS ARE TAX EXEMPT!

Stipends, awards, fellowships & grants for education have been held as scholarships exempt from tax! Under Section 10(16) of the Income-tax Act, any scholarship granted to a person to meet the cost of education is exempt from tax. The term ‘scholarship’ has been interpreted liberally to also include within its scope and ambit, amounts of fellowships, stipends, grants for travel and incidental expenses, etc....

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