1. Individual / HUF Tax Slabs.
Up to 1,60,000 :- Nil
1,60,000 - 5,00,000 :- 10%
5,00,000 – 8,00,000 :- 20%
Above 8,00,000 :- 30%
2. Income tax return form to be made simple, Saral 2 form for individuals to come
into force, it will have only 2 pages
3. New Direct Tax Code by April, 2011
4. Additional Deduction of 20,000/- available for investment in Long Term
Infrastructure Bonds. This benefit is available above present 1,00,000/- on
savings instrument available U/s 80C
5. MAT Increased from 15% to 18% of the Book Profits.
6. Surcharge for Domestic Companies reduced from 10% to 7.5%
7. Relaxation of Audit with Business Income up to Rs.60 Lacs & Professional Income
Up to Rs.15 Lacs.
8. Threshold limit for TDS applicability to be rationalized.
9. No capital gains tax on conversion of a business entity into LPP
10.It is proposed to increase the interest chargeable u/s 201(1A) for late payment
of TDS from one percent to one and one -half percent for every month or part of
a month
11.Custom duty on gold to be reduced
12.Rationalisation of custom duty on gaming software
13.Excise duty on petrol, diesel increased
14.Mobile phones to be cheaper
15.Peak custom duty unchanged at 10%
16.5% custom duty on crude petrol back
17.Petro products to cost more
18.Cement to cost more
19.Large cars, SUVs to cost more
20.Cigarettes, non-smoking, chewing tobacco to cost more
21.Cross Tax Receipts Rs 7. 46 Lakh crore
22.R&D deduction hiked to 200%
23.Fiscal stimulus to be partially rolled back
24.GST to be implemented by 2011
25.Fuel price hike in due course
26.Defence allocation up by 6000 cr
27.Technology Advisory Group to function under Nandan Nilekani
28.15% rise in plan expenditure
29.Increase in allocation for school education
30.Interest subvention to benefit handicraft, jewellery and gem exports
31.Social sector spending up to 1.37 lakh crore
32.Bharat Nirman outlay Rs 48,000 cr
33.NREGA allocation Rs 40,100 cr
34.Banks in all villages with over 2000 population
35.Subsidy for affordable housing increased
36.Special allocation for unorganized labour sector
37.Slum free India at the earliest
Hello,
ReplyDeleteThose who trade in stock market intraday basis, they need to file tax under ITR-4 till date. So my question is that how to calculate the TURNOVER and Profit / Loss figure for the following :---
1) Option call / put , how to calculate the turnover ? and profit / loss ?
2) Future trading turnover ?
3) Future trading Profit/Loss ?
4) Intraday cash turnover ?
There is lot of confusion in the calculation of turnover of above mentioned turnover, every CA or TRP says diffrent, if you can explain in details, then this will be relly a good information for all the readers of your blog.
Thanks in advance
This comment has been removed by the author.
ReplyDeleteI have already posted article "Taxation on Derivatives" please check the same with all comments. further as suggested by you i will be shortly posting article on derivatives and tax implication on it.
ReplyDelete