Gold and silver rates for the current year, last ten assessment years and on April 1, 1981 Assessment year/ valuation date Gold rates1 (standard 24 carats) (per 10 gms.) Silver rates (9,960 touch) (per 1 kg.) Assessment year/ valuation date Gold rates1 (standard 24 carats) (per 10 gms.) Silver rates (9,960 touch) (per 1kg.) Rs. […]
Category: India
‘Why should I pay tax?’
The citizens of India are required to pay Income tax as well as other taxes as per law. 1. Some people raise the question ‘Why should I pay tax? They argue: I have to pay for my food, for my house, for my travel, for my medical treatment, for owning a vehicle not only cost […]
Variable Interest Rates – Service Tax
Variable Rates of Interest for Delayed Payment of Service Tax Prescribed By Notification No. 12/2014-ST Dated 11-7-2014:- To encourage prompt payment of Service tax, new interest rates on delayed payments under Section 75 of the Finance Act, 1994, which would vary as per the extent of delay has been prescribed as under: Provision prior to […]
Completing Income Tax Return without Completing Tax Audit Report
The extension of date for obtaining and submitting the Tax Audit Report till 30th November 2014 for the Assessment Year 2014-15 without extending the due date to file the Return of Income has created many concerns The Income Tax Return formats also now modified to include the new row asking “if liable for Tax Audit […]
Here are the key highlights of Union Budget 2014-15
Taxation highlights:Personal tax exemption limit raised to Rs 2.5 lakh from current Rs 2 lakh for taxpayers below 60 yearsSenior citizens’ tax exemption limit hiked from Rs 2.5 lakh to Rs 3 lakhNo change in surcharge for corporates, individualsEducation Cess to stay at current 3%Investment limit under Section 80C hiked to Rs 1.5 lakh from current […]
