The Home Minister, Mr P. Chidambaram, wants the rich to be taxed more to sustain the Indian dream of inclusive growth.
“I am (was) the Finance Minister who slashed your tax rates. And I am now suggesting to raise the rates, putting the onus on the richer classes,” he said, while addressing a function of [...]

Do you file your income tax returns every year? If not, are you aware whether you should file your yearly return of income or not? There are many misconceptions due to which people do not bother to file return of income. Some people believe that their employers deduct the tax from their salary and [...]

An income tax refund is actually a kind of tax rebate. In simple words you can say that it is actually a return on taxes you receive when the amount of tax liability is lesser than the actual tax paid in a single financial year. In this case you can claim maximum refund because [...]

Union Budget, in the language of a financial analyst, is the estimated sources and application of funds for a particular fiscal year. It is normally placed before the House of Parliament in the last week of February.
To the common citizens, budget is all about rise or fall in the prices of goods and services [...]

In an attempt to monitor all deposits made under post office schemes and bring them at par with bank interest earnings, the Central Board of Direct Taxes (CBDT) has notified that income from post office savings schemes will be taxed from the current financial year.
By making it mandatory for individuals to declare investments in [...]

Indirect Taxes
The indirect tax proposals were designed mainly to hedge the losses arising from the altered direct tax rates. Certain provisions are likely to impact the pockets of an average Indian, nullifying some of the direct tax benefits. Some of the expected changes from the industry point of view have not been considered.
- Peak [...]

Leading apparel retailers in the country, including Pantaloons, Reliance Trends and Aditya Birla Retail, will finalise their course of action against the 10 per cent excise duty imposed on branded garments.
The Retailers Association of India (RAI) that has members including the top retailers in India, is holding a conference call this evening to decide [...]

For Male Citizen :
Then: The pre-budget period witnessed that the basic exemption limit was Rs. 1, 60, 000, where the total income of the assessee was in between Rs. 1.6 lakhs to Rs. 5 lakhs; tax levied on total income was 10%, in case the total income fell in between Rs. [...]