direct taxes code
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 January 2010
With direct taxes code a reallity now, will all the withdrawals after 1.4.2010 to
31.3.2011 from Provident fund be taxed while in service and on retirement.
31.3.2011 from Provident fund be taxed while in service and on retirement.
02 January 2010
Hi
Chances may effect from 01.04.2010 as per government Rules
Bad news
For salaried employee that every allowance & perquisites added in salary for tax purpose no tax benefit regarding any allowances and perquisites.
Income from House property
Now direct code is generate more tensions for assessee who have earn income from house property and taking housing loans for constructions of house.
Benefit of interest from self occupied property has withdrawn in Direct Tax Code.
Deductions-
80C-
This is deadly news for middle class assessee that limit will increase from 1 lakh to 3 lakh and graduation, post graduation studies now include in higher education for the purpose of deductions.
Exempt-Exempt-Tax (EET)- New tax regime for all provident funds, superannuation funds, life insurance and new pension scheme. These investments to be taxed on withdrawal.
Assessment Changes-
0-10 Lac 10%
10 Lac -25 Lac 20%
Above 25 Lac 30%
What I feel, for the salaried who have salary greater than 5 lakh are the most beneficial amoung all.
Chances may effect from 01.04.2010 as per government Rules
Bad news
For salaried employee that every allowance & perquisites added in salary for tax purpose no tax benefit regarding any allowances and perquisites.
Income from House property
Now direct code is generate more tensions for assessee who have earn income from house property and taking housing loans for constructions of house.
Benefit of interest from self occupied property has withdrawn in Direct Tax Code.
Deductions-
80C-
This is deadly news for middle class assessee that limit will increase from 1 lakh to 3 lakh and graduation, post graduation studies now include in higher education for the purpose of deductions.
Exempt-Exempt-Tax (EET)- New tax regime for all provident funds, superannuation funds, life insurance and new pension scheme. These investments to be taxed on withdrawal.
Assessment Changes-
0-10 Lac 10%
10 Lac -25 Lac 20%
Above 25 Lac 30%
What I feel, for the salaried who have salary greater than 5 lakh are the most beneficial amoung all.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Difference between Date of Payment and Date of Deduction?
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Journal entry of busniess expenses
- GST Rate for Catering Services
- TODAY INCOME TAX SITE IS NOT WORKING ANY OFFICIAL EXTENSION
- Cash balance limit and property purchases limit
- Can we choose not to report losses in ITR3 if they cannot be carried forward?
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
