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Updates on Proposed Income Tax Code for 2011 1 year 49 weeks ago

To make the proposed tax code robust and accepted by citizens, the first draft was open for public suggestions. Now on June 15th 2010, government released its revised and updated version of proposed Direct Tax Code (DTC). Click on the below link to find out the updates for new tax code.

INCOME TAX RATES IN NEW TAX CODE 2 years 10 weeks ago

Ministry of Finance, has released a new DIRECT TAX CODE which will be applicaple in F.Y. 2011-12 and will replace the old act.The features of New direct tax code are:-

1-Tax rates will be uniform.

2-Saving limit will be 3 lakhs.

3-Most of the exemption will be abolished, and with some exemption there is the need to mention in Income head instead of showing another head.

4-STT(Security transaction tax) will be abolished.

5-Business loan can be carried forward.

6-Taxes rates are 10% upto 10 lakhs.

7-Company tax rates are 25% instead of 30%

TAX EXPLAINED TO THE ORDINARY PEOPLE 1 year 46 weeks ago

If you have been among those that have long misunderstood what tax is and why we pay taxes. So many people think that tax payment is a form of modern extotion and financial slavery. Some even question the rationale behind the payment of tax and where the government channel monies realised from taxation. This article explains what a tax is and what what tax is not

Free Tax Help Available From the IRS 1 year 18 weeks ago

Need help with your tax return? If you have questions about your income tax, deductions or tax laws or need assistance with filing your income tax return, taxpayers can get help online, in person or via telephone from the Internal Revenue Service.

Find out how you can file your income tax for free with top brand software like H&R Block if you made $58000 adjusted gross income or less in 2010 and you were under age under 51 as of December 31, 2010.

What is Advance Tax- Pay On time Advance Tax 2 years 13 weeks ago

Advance Tax:- As the name suggests tax paid in advance means to advance tax. If the tax paid amount is more than 10000 rupees than the tax should be paid in previous year itself and not to be deferred to assessment year. Government always wants to collect the tax amount as early as possible, so there is a law of advance tax.Surcharge and educational cess also include while calculating advance tax.

Due Date of advance tax:-

For Corporates:-

15th June:- not less than 15% of tax payable

15th September:-not less than 45%

15th December:- not less than 75%

15th March:-100%