In the Incometax Rules, 1962, in Appendix II, in Form No. CD, for serial number 31 and the entries relating thereto the following shall be substituted, namely. Only the latest most important updates on taxation. The Income Tax Act, in particular Section 9. PE. This is a creation only of the DTAA. By virtue of Article 71 of the DTAA, the business income of companies which are incorporated in the US will be taxable only in the US, unless it is found that they were PEs in India, in which event their business income, to the extent to which it is attributable to such PEs, would be taxable in India. Article 5 of the DTAA set out hereinabove provides for three distinct types of PEs with which we are concerned in the present case fixed place of business PE under Articles 51 and 52a to 52k service PE under Article 52l and agency PE under Article 54. Specific and detailed criteria are set out in the aforesaid provisions in order to fulfill the conditions of these PEs existing in India. The burden of proving the fact that a foreign assessee has a PE in India and must, therefore, suffer tax from the business generated from such PE is initially on the Revenue. Tax Planning How to save income tax in FY 2. AY 2. 01. 7 1. 8This article will help you with your income tax planning by explaining each and every provision that you can use to save your tax. As can be seen from the above data, my client has paid advance tax before due dates and the amount paid is not less than the amount which is otherwise payable by way. This article will help you with your income tax planning by explaining each and every provision that you can use to save your tax. WashingtonPost/2011/07/17/Education/Images/7742ca18-b099-11e0-90e1-c12867691ae6_UUIDMichaelNelson.jpg?uuid=d0LKGLCZEeCQ4cEoZ2ka5g' alt='Vinod Gupta Direct Tax Book' title='Vinod Gupta Direct Tax Book' />If tax is to be borne by the payer, under section 195A grossing up is required. For this purpose, the amount of payment shall be increased by such amount as would. The 2G spectrum loss is a scam colluded by politicians and government officials under the Indian National Congress Congress coalition government. In the backdrop of the above, now the concern is about the legal contentions raised on behalf of the petitioner. Firstly, he is disputing that no work was pending. How to save income tax in 2. The question that I am asked most often is that my income is Rs. XXXXXXX, what tax planning can I do to save tax This article is dedicated to answering that question on income tax planning. I have created a comprehensive list of all the provisions that you can utilize to reduce your taxable income. Income Tax Slabs. Income tax slabs have not been changed this year. The tax slabs are as follows 1 In Case of General Assesses Both Male Female Income Bracket. Rate. 0 to Rs. 2,5. Rs. 2,5. 0,0. 01 to Rs. Rs. 5,0. 0,0. 01 to Rs. Above Rs. 1. 0,0. In Case of Senior Citizens Age above 6. Income Bracket. Rate. Rs. 3,0. 0,0. 00. Rs. 3,0. 0,0. 01 to Rs. Rs. 5,0. 0,0. 01 to Rs. Above Rs. 1. 0,0. In Case of Very Senior Citizens Age 8. Income Bracket. Rate. Rs. 5,0. 0,0. 00. Rs. 5,0. 0,0. 01 to Rs. Above Rs. 1. 0,0. On final tax amount, a surcharge of 3 o surcharge above 1. An additional surcharge of 1. Rs. 1 crore.  The surcharge was 1. Check prices and reviews of all the latest mobile phones sold in India. Income Tax Exemptions 1 Section 8. C Limit  Unchanged this year. Deduction on premium paid for a life insurance policy, taken after 1 April 2. If its more than 1. CELSS Mutual FundPPF upto Rs. EPFFD for 5 years. Pension Plans. NSCPost Office SBInfrastructure Bonds. Expenditure on Children Education For upto 2 children only for full time educationTuition fees Only Tuition fees excluding Development Fees, Donations, etc. Maximum allowed is Rs. Housing loan principal details hereDeferred Annuity. Approved Super Annuation Fund. Investments under Sukanya Samriddhi Scheme. Even interest is exempt. Section 8. 0CCD  Unchanged this year. Deduction under this section can be claimed only if the contribution to your NPS account is made by your employer and the deduction is limited to a maximum of 1. Returns on NPS are tax free, but withdrawal is still taxable. The deduction under sec 8. CCD is over and above the deduction available under sec 8. C. Max deduction allowed is Rs. Section 8. 0 D  Unchanged this year. Deduction under section 8. DDeduction of Rs. Medical Insurance taken for self dependents or towards preventive health check up max Rs. In case any of self dependents is a senior citizen, the deduction allowed is Rs. Additional Rs. 1. Medical Insurance taken for parents. In case the parent is a senior citizen, the deduction allowed is Rs. Age profiles. Premium paid for medical insurance. Total Deduction under Sec. DYourself, your spouse and kids, if any. Parents. Every one is under 6. You and your family are less than 6. You and your parents are of 6. Section 8. 0DD  Unchanged this year. Deduction under section 8. DDExemption given for expenditure made for a disabled dependant towards Medical TreatmentTrainingRehabilitation. It also includes the LICInsurance premium paid towards maintenance of such dependant. Maximum deduction allowed is Rs. Rs. 1. 2. 5 Lakh in case of severe disability. Section 8. 0DDB  Unchanged this year. Deduction under section 8. DDBExemption given for expenditure incurred on specified disease or ailments such as canceraids. Maximum deduction allowed is Rs. List of ailments covered i Neurological Diseases where the disability level has been certified to be of 4. Dementia  Dystonia Musculorum Deformans  Motor Neuron Disease  Ataxia  Chorea  Hemiballismus  Aphasia  Parkinsons Disease  ii Malignant Cancers  iii Full Blown Acquired Immuno Deficiency Syndrome AIDS  iv Chronic Renal failure  v Hematological disorders  Hemophilia  Thalassaemia. Section 8. 0E  Unchanged this year. Deduction under section 8. EDeduction is allowed for repayment of interest component of Higher Education loan. All education after Class 1. Fulltime. But should be from a schoolinstituteuniversity recognized by the government. Section 8. 0G  Unchanged this year. Contribution to exempt charities 2. Section 8. 0U  Unchanged this year. Deduction upto Rs. Windows Xp Service Pack 3 Microsoft Com. Permanent Disability. In case of Permanent Disability exceeding 8. Rs. 1,2. 5,0. 00. Section 2. 41vi Section 8. EE  Unchanged this year. Housing loan interest. Maximum allowed limit raised to Rs. April 1. 99. 9. For loans before that Maximum Investment Limit was 3. Additional deduction of Rs. Rs. 2. 5 lacs for property worth upto Rs. For such persons, the total deduction will be Rs. Rs. 1. 5 lac available under section 2. Rs. 1 lac available under this new section 8. EE. More details here. Superannuation  Unchanged this year. Any contribution made by a company to superannuation fund upto Rs. ConveyanceTransport Allowance  Unchanged this year. Any Conveyance Transport Allowance given to an employee is tax free upto Rs. No Supporting Bills required. Medical Allowance  Unchanged this year. Baixar Livro Como Conquistar As Pessoas Pdf. Any Medical Allowance given to an employee is tax free upto Rs. Supporting Bills required. Circle Of Fifths Software. HRA  Unchanged this year. Any House Rent Allowance given to an employee is tax free upto the minimum value of the following conditions subject to when an employee can produce rent paid receipts from landlord for the period and if the employee has not availed of tax exemptions for home loan interest principal repayment 5. Annual Basic 4. 0 of Annual Basic in case of non metrosActual HRA received. Rent Paid 1. 0 of Annual BasicMore details about HRA here. Professional Tax  Unchanged this year. Any Professional Tax deducted from an employees salary can be reduced from the annual salary income to arrive at taxable salary. Provident Fund  Unchanged this year. Provident Fund contributions under section 8. C and subject to an overall investment limit of Rs. CCG Direct Equity Investment  Unchanged this year. Under Rajiv Gandhi Equity Savings Scheme  a new equity investor will be able to claim 5. Rs. 5. 0,0. 00 and provided his taxable income is below Rs. The investment will be subject to 3 years lock in. The benefit will be available for 3 consecutive years. Government has notified this scheme RGESS. Mutual funds and ETFs that invest in BSE1. CNX 1. 00 stocks or PSUs which are Navratna, Maharatna and Miniratna will qualify under this scheme. These investments can be traded over stock exchange after 1 year of investment. New equity investor has been defined as someone who has opened a Demat account but has not bought any securities till date of notification of this scheme 2. Sep 2. 01. 2. More information here. Section 8. 0TTA Savings Bank Interest  Unchanged this year. No tax will be charged on interest earned on balance in savings bank account subject to a maximum of Rs. Section 8. 7A Tax Rebate  Changed this year. Tax rebate of Rs. Rs. 2. 00. 0 last year will be given to all those whose total annual income is up to Rs. There is only so much you can do to save money by optimizing your taxes. However, you can also save money by cutting down on your shopping bills. Make sure you compare prices and buy always at the lowest price. Shopper. Dost. com gives you detailed reveiws and the lowest price of products of all mobile brands. Using discount coupons and offers can also help you reduce the cost of shopping. Ours is a free site that collects all discount coupons and deals.