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Recent Changes of ULIP after SEBI and IRDA Debate

After a heated debate between Securities and Exchange Board of India (SEBI) and Insurance Regulatory and Development Authority (IRDA) regarding Unit Linked Insurance Policy (ULIP) when SEBI challenged the notion of combining investment and insurance as one single instrument and took up the affair to the Supreme Court of India, the courts have decided that investments in ULIP which were covered under Section 80C of Income Tax act were now to be placed under the .....

New Perquisites Rules for A.Y.2010-11

People living on salaries who are facing the pressures of the inflation more than any other sections of the society is to face another setback. The new perquisite valuation rules announced by the Central Board of Direct Taxes (CBDT) add fuel to the fires of salaried class woes. These new rules are enforced due to the abolishment of fringe benefit tax (FBT). Five and a half months long gestation period aroused hope of a bit .....

Summary of TDS Amendments Applicable for A.Y. 2011-12

Most of the readers are muddled since of past amendment of TDS like, UTN, 24C and changes in TDS Returns, etc. But don’t be confused over it, Read the below composition cautiously to know the most recent applicable rules of TDS Procedures. UTN/24C has dead The latest ‘Notification no. 9/2010 dt. 18/02/2010′ makes ‘UTN/24C/’ dead. Now the Procedure and the forms ‘Form 16/16A’ of TDS will be same as earlier. So don’t be confused over .....

New Provisions for Tax Treatment on Gifts from 1-10-2009

When a gift or a specified property is received without consideration from a non-relative whether in cash or in kind or any property is purchased for an inadequate consideration it shall be treated as income from other sources and taxable in the hand of the recipient under the new provisions for gift. In this article we will discuss about the new provisions regarding gift tax treatment w.e.f. 1-10-2009. You can also differentiate with old provisions .....

Surcharge, Education Cess, SHEC for A.Y. 2010-2011

There has been major changes with regard to surcharge, education cess, SHEC, after approval of the finance (No. 2) ACT, 2009. I have received so many queries about surcharge and education cess rates and applicability for A.Y. 2010-2011. I classified this article so that everyone can understand in a very simple manner. All rates applicable w.e.f. 1-4-2009 in my view, although finance (No.2) Act approval date is 19th, Aug 2009. Surcharge on Income Tax: – .....