Very Soon, Indian Finance Minister will finalize this tax proposal keeping (possible a blind) eye on tax reforms. Indirect tax reforms, even at the central side of constitutional barriers are still at halt just because of long time of eye – wash of Goods and Service Tax reform There is no concrete information on present status and future of Direct Tax Code. We as citizen need to understand and reveal hardship of our tax system and support a simpler tax regime. Our views may help the Government.
Tag Archives: Tax
A new Section 80CCG has been inserted into Indian Income Tax Act by the Finance Act 2012 with effect from 1st day of April 2012. This means this action is applicable for previous year 2012 – 13 and assessment year 2013 – 14.
This Section 80CCG of Indian Income Tax Act, 1961 allow a deduction of fifty percent of amount invested in equity shares up to amount of Rs. 50,000.oo (Rs. Fifty thousand only) in a previous year as par a scheme called Rajiv Gandhi Equity Saving Scheme, 2012. Even though this law and scheme is targeted to attract small investors to capital market, political analyst think timing of this scheme aiming for next general election scheduled to be held in year 2014.