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National Defence Fund, PM\'s National Relief Fund, Swachh Bharat Kosh, Clean Ganga Fund, National Fund for Control of Drug abuse - 100% exemption without limit.
Local ultra-rich have been tentative investors into VC and PE funds, but the latest development could push them more.
Effective median rate of central excise duty, levied on goods manufactured in India,be increased from 12.36 to 12.5%.
The I-T law details how to determine the taxable amount under each head of income. You could get tax benefits under some heads, either by way of an exemption (eg: HRA) or a deduction.
It\'s true that a separate \'Gift Tax Act\' doesn\'t exist anymore. Yet, I-T laws cover specific gifts you receive and their tax consequences.
Budget 2015: Devil in the fine print  (01 March 10:47 am) 
As always, the devil is in the fine print and budget 2015 is no exception. Here are some of the key examples
As always, the devil is in the fine print and budget 2015 is no exception. Here are some of the key examples
If your employer does not give you HRA, deduction for rent paid by you is available from gross taxable income, subject to various limits (maximum deduction of Rs 2,000 per month).
Budget 2015: Your guide to personal tax  (01 March 10:47 am) 
Rate of surcharge on income exceeding Rs 1 crore is to be increased to 12% from 10%. This will increase maximum marginal rate of tax to 34.61% for the super rich.
Now, Union Budget 2015-16 has amended this rule to exempt policyholders who do not have have a taxable income from paying TDS on such policies.
There are a slew of deductions / exemptions which have been announced which would really interest all of us.
The only direct benefit for employees would be an additional Rs 800 they will receive in their monthly salaries.
Clearing corporations are mandated to establish Core SGF for each segment of a recognised stock exchange to guarantee the settlement of trades executed.
The government today said it will modify Permanent Establishment norms to ensure that a mere presence in the country does not lead to \"adverse tax consequences.\"
In his Budget proposals, FM Arun Jaitley proposed withdrawing service tax exemption on services provided by MF agents or distributor of AMCs.
Health insurance premiums up to Rs 25,000 will be subject to tax deductions, from Rs 15,000 earlier. For senior citizens the limit is increased to Rs 30,000.
From now on, such a merger of two or more schemes will be exempted from capital gain tax and will not be treated as a mere \'transfer\' of the mutual fund units.
Here\'s how tax benefits for individual below 60 years add up to Rs 4,40,200 as claimed by Finance Minister Arun Jaitley:
An additional deduction of Rs 25,000 has been announced for differently-abled persons under Section 80DD and Section 80U of the Income-tax Act.
Government has modified the norms to the effect that mere presence of a fund manager in India would not constitute PE of the offshore funds.
The FM announced an increase in limit of deduction of health insurance premium from Rs 15,000 per year to Rs 25,000 annually.
For senior citizen above the age of 80 years, not eligible to take health insurance, deduction is allowed for Rs 30,000 toward medical expenditure.
Benefits for senior citizens in Budget 2015  (28 February 01:51 pm) 
Another benefit for the elderly is in terms of the increase in deduction in health insurance premium and medical treatment.
The hike in the tax-free transport allowance limit from Rs 800 to Rs 1,600 a month will cut tax by Rs 2,966 in the highest 30% tax bracket.
The transport allowance for salaried, which currently stands at Rs 800 per month was increased to Rs 1,600 per month.