Tax

Should You Invest in ELSS Beyond 80C Limit?

Should You Invest in ELSS Beyond 80C Limit?

Many investors consider various parameters while selecting the right financial instruments. While some of them only look at the expected returns, others also seek the related tax benefits.

Almost half of all Malaysians guilty of tax evasion

Almost half of all Malaysians guilty of tax evasion Kuala Lumpur - At least 900,000 Malaysians are guilty of not paying their taxes, prompting the government to track down the evaders, a news report said Monday.

There were an estimated 2 million people with taxable earnings in the country, but only 1.1 million are currently paying, Deputy Finance Minister Kong Cho Ha told parliament.

Companies fared even worse, with only 104,000 corporations paying taxes on their profits, out of the 500,000 firms registered, Kong was quoted as saying by the official Bernama news agency.

SEZs get service tax boost

CM to hike excise duty on beer, IMFLs

A chilled mug of beer will cost you more this summer, what with the state government announcing a hike in excise duty on beer, Indian Made Foreign Liquor (IMFL) and other beverages with low alcohol content.

Chief Minister BS Yeddyurappa made this declaration during the two-day debate on the budget proposals in the legislative assembly on Friday.

He added that the maximum retail price (MRP) on these products would be raised, thus reducing the profit margins for all liquor joints.

Yeddyurappa added that the government hoped to earn Rs820 crore revenue by enhancing excise duty and that a notification in this regard will be issued soon. Revenue earned from this hike will be directed to fund budget programs.

No tax hike in the election year

The civic budget has crossed Rs3,000-cr mark for the first time

Citizens have been spared from paying higher taxes this year.

Standing committee chairman Shyam Deshpande on Friday presented a Rs3,027.41-crore budget for 2009-10, which is a little over Rs346 crore as proposed earlier by municipal commissioner Praveensingh Pardeshi.

This is the first time that the civic budget has crossed the Rs3,000 crore mark. In the budget tabled before the general body, a sum of Rs1,929.86 crore has been earmarked for development works.

Advance Tax Collection Declines

Advance Tax Collection DeclinesThe advance tax collection of the country declined over 22 per cent for the third quarter of the current financial year. Tax collection was Rs 54,900 crore in the same period last year and it now stands at Rs 42,600 crore. The decline in the advance tax collection indicates the grim situation following the economic slowdown which may further worsen in the coming times. Now, the growth rate in direct tax collections for the first nine months stands at 12%. Government has set a target to achieve the tax growth rate of 15 per cent with net tax collection of Rs 3,65,000 crore for the current financial year.

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