Income Tax Slabs for Financial Year 2012-13

Here’s the Income Tax Slabs for the financial year 2012-13, based on the budget presented by the Finance Minister on 16th March 2012. Genera...

India moving closer to adopt GST

The 13th Finance Commission (TFC) has endorsed its proposal for single goods and services tax (GST) and recommended a “revenue-neutral” rat...

New Income Tax Slabs

In the union budget for financial year 2009-10, the Finance Minister has announced new tax slabs. General Till 1,60,000 – 0% 1,60,001 – 3,...

How does Short Term Capital Gain/Loss work?

I found this interesting snippet circulated through email by ICICIDirect, which describes in simple anecdotes how Short Term Capital Gain/Lo...

Government cuts excise duty and service tax

The Government of India has reduced excise duty and service tax by 2 percent in its Interim Budget. The general excise duty has been reduced...

Tax

The Internal Revenue Service (IRS), which is the tax collecting authority in the United States, demands that 30 percent of the winning amoun...

Legal help for taxation issues

Generally, people tend to see taxation as a meager formality and presume that it is something that is mostly unnoticed by the tax authoritie...

No proof required for LTA & Conveyance allowance claims

In a landmark ruling, the Supreme Court has said that employers are not under any statutory obligation to collect supporting evidence and fu...