Budget 2013: Govt proposes compliance scheme for service tax defaulters. and Changes proposed in service Tax in budget 2013

The Finance Minister proposed a one-time scheme called 'Voluntary Compliance Encouragement Scheme' for service tax defaulters. With this scheme finance minister is aiming to "entice" a large number of assesses to return to the tax fold. A defaulter may avail of the scheme on the condition that he files a truthful declaration of service tax dues since October 1, 2007 and makes the payment in one or two instalments before the prescribed dates. "In such a case, interest, penalty and other consequences will be waived. Government hope to entice...

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Best tax saving fixed income investments under section 80C

With the closer of financial year investor are looking forward to park their saving on saving instrument. Due to highly volatile market investors especially who are risk averse in nature search for Fixed Income instruments. We shall be taking our reader on a ride to a few best fixed Income Taxes Saving option under section 80C with a decent return on investment available in market. PPF: Public Provident Fund, or popularly called PPF, is the most attractive tax-saving fixed income option giving a tax-free return of 8.25% per annum compounded...

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INCOME TAX SLAB FOR FY 2013-14 OR AY 2014-15 – Budget 2013

▪      No change in the basic exemption limit, slab or rate of tax in respect of individuals and HUF. However, it is proposed to provide a rebate up to Rs. 2,000 to individuals having income up to Rs. 5 lacs. Effectively, there will be no tax liability on income up to Rs. 2,20,000. ▪      Surcharge @ 10% is proposed to be levied on “super rich” category of tax payers i.e. individuals having income of more than Rs 1 crore.   Taxable Income Male (Below 60 Years) ...

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LIC Launch new plan ‘JEEVAN SUGAM’ on 25.02.2013 (UIN: 512N273V01)

The Life Insurance Corporation of India (LIC) launched ‘Jeevan Sugam’, a new non- linked single premium plan on 25.02.13. The plan will be open for sale for a maximum period of 45 days from the date of launch. BENEFITS: The plan provides a risk cover of 10 times the single premium paid for a fixed term of 10 years. a.      Death Benefit: §  During first 5 years – Basic Sum Assured i.e. 10 times the single premium (net of service tax). §  After completion of 5 years – Basic Sum assured i.e. 10 times...

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