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TAX RELIEFS ON AGRICULTURAL LAND

Important amendments under Capital Gains Tax & Wealth-tax provisions under the Finance Act 2013  Section 2(14) of the Income-tax Act, which defines ‘capital asset,’ excludes from within its purview an agricultural land situated in India at a place having a population of less than 10,000 as per the last preceding census or at an area not comprised within any municipal limits or within a prescribed distance from...

CHECK YOUR WEALTH TAX LIABILITY

With current prices of gold, silver & motor cars its worth taking a look if you are liable to wealth tax There was a time when everything was taxable under Wealth-tax, excepting specific exemptions provided for the purpose. Under the current provisions, only six kinds of assets are treated as taxable, thereby exempting all other assets from the scope of Wealth-tax. With effect from Assessment Year 1993-94, the...

NRIs treated as Not Required Indians

Harsh, Illogical & Discriminatory Taxing Provisions For NRIs! Proposals That Will Hurt The Global Indian Sentiment Flat Rate of Tax 20% flat tax on interest & other investment income. 30% flat tax on all capital gains. Apart from 20% & 30% TDS on above, TDS at a baffling rate of 35% prescribed on all residual income. No Personal Exemption No personal exemption or deduction allowed in computing the above...

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