1. This will be operative from 1.4.2012 only instead of 1.4.2011.
2. The basic exemption limit for individual income tax is up from Rs 1.6 lakh to Rs 2 lakh for individuals, including both male and females. Thus single tax slab is suggested for male and female thus removing favorable female bias. The male will gain tax advantage of Rs.4000.(from 1.6 lakhs to 2 lakhs thus on Rs.40000/-, tax gain of 10%). For female, tax limit is raised to 2 lakhs from 1.90 lakhs thus tax gain of Rs.1000/- taking 10% tax saving). Also, for senior citizens above the age of 65, the basic exemption limit has been raised to Rs 2.5 lakh. For them also, the limit is raised from 2.4 lakhs to 2.5 lakhs thus tax gain of Rs.1000 on the enhanced additional exemption of Rs.10000/-.
3. The limit under section 80C will remain as Rs.100000/- and additional limit of Rs.50000 is recommended for children’s tuition fees, medical and life insurance premiums.
4. The instruments under sect 80c qualifications are very limited in the new DTC. NSC,ELSS, ULIP, any ULIP linked insurance scheme and principal repayment for housing loans are removed from exemption form Sec.80 C.
5. The retirement instruments like EPF, PPF to get tax benefits and Exempt, Exempt and Exempt (EEE) will apply instead of earlier proposal of EET. EET(Exempt, Exempt and tax ) suggested for taxing at the time of receipt on retirement. So this is a boon for retiring individuals especially when there is no social security prevailing in india for elders.
6. Limit of exemption upto Rs.150000 for interest on housing loan stays under sec.24.
7. There is no long term capital tax on shares held more than one year.
8. For short term capital gains in shares, the taxes are reduced . Gains will be taxed at 50% of applicable taxes for individuals, HUF etc. For corporate, it will not apply and they have to pay at maximum rate of 30%. So for individuals, the tax rate may be 5% for the persons in the tax slab of 10%, 10% for the persons in the tax slab of 20% etc. This is against existing uniform tax rate of 15% uniformly to all categories.
9. Securities Transaction Tax will continue on equity and other trading instruments.
10. The wealth tax rate, though retained at 1 per cent, is now applicable for assets above Rs 1 crore. Earlier, this rate was applicable on assets above Rs 30 lakh. This is revenue earning plan of finance minister. Earlier, any cash holding above Rs 50,000 was considered as part of wealth. DTC proposes to increase it to Rs 2 lakh. Deposits in banks abroad are also going to be a part of wealth . Also, watches, art and painting have been brought under wealth tax net. This will be one of the major revenue earner for Indian exchequer.
11. Corporate tax has been reduced to 30 per cent from the current 33.22 per cent, while MAT rates have been raised marginally from the current 19.93 per cent to 20 per cent on book profits. Corporate tax is reduced due to abolition of surcharge and education cess. All corporate taxpayers will now be liable to MAT, including those availing of the incentives linked to investments and profits.
12. Companies can carry forward MAT credit that is equivalent to the difference between the corporate tax and the actual MAT paid. The new tax Code increased the credit carry forward period to 15 years from the current 10, which is being seen as a positive move in industry circles.
13. DTC Bill proposes to impose a five per cent dividend distribution tax (DDT) on mutual fund houses and life insurers on income distributed by them. This will reduce income to investors in mutual funds and ULIP holders slightly less amount as 5% will be deducted in advance by mutual funds and insurers on investors’ behalf. This is applicable for funds investing 65% in equity or more. For rest of the schemes like debt oriented etc or less than 65%, the tax will be applicable rates rather than 5% and it will be heavy. In these cases, TDS will be 10% and investors have to adjust the balance payable rates in their income tax calculations at the payable rates.
14. Foreign companies to pay tax at the same rate as local companies.
15. For deductions under rented house, only 20% of annual value will be given as rebate for repairs instead of 30%.
16. Annual value will be actual rent received and not notional rental value.
Save more tax with infrastructure bond
BUDGET 2010 saw the Finance Minister doling out sops to push infrastructure investments in the country. One key sop - the tax benefit to individuals on investment of up to Rs 20,000 in infrastructure bonds under section 80CCF. And this, over an above the current limit of Rs 1 lakh that section 80C provides.
The Central Board of Direct Taxes (CBDT) has now notified New Infrastructure Bonds. An individual or Hindu Undivided Family (HUF) can invest in these new infrastructure bonds up to Rs 20,000 in a financial year. LIC, IFCI, IDFC and other NBFCs classified as Infrastructure Company by RBI will be allowed to issue these bonds, called Long Term Infrastructure Bonds.
The minimum application amount for these bonds is Rs 5,000 and multiples thereof for each option.
The issue opens on August 9, 2010 and closes on August 31, 2010.
Features of the bond:
- The bonds will be of 10 year tenure
- The minimum lock in period for an investor shall be five years. After 5 years the investor may exit either through the secondary market or through a buyback facility, specified by the issuer in the issue document at the time of issue.
- Permanent Account Number is must to apply these bonds.
- Permanent Account Number is must to apply these bonds.
- These infrastructure bonds are not tax free. Interest on these bonds is taxable in the hands of investor, however, no TDS is deducted from interest.
- A demat account is mandatory to apply; any application without demat account details would be rejected. Submitting an attested pan card copy of the first holder is also compulsory while applying.
Laptops between Rs 35,000 to Rs 50,000
Currently, an entry-level laptop can handle applications that were difficult for even mainstream laptops to work with earlier. Since existing computing platforms are refreshed once a year and newer platforms are introduced every two years, the prices of laptops undergo revision every few months.
The changes in platforms include new chipsets, support for newer generation of CPUs and faster memory support for new wireless standards, better GPUs, and so on. So, unless you're waiting for a new platform to release, it's always a good time to buy a new laptop.
There's no point in waiting for months in anticipation for a price drop, because it will further drop in the next few months. A lot has changed in the recent past, especially after the introduction of Intel's new Core Series of CPUs. They have successfully replaced the old Pentium Dual Core and the Core 2 Duo CPUs. With technologies like Hyper-Threading, multitasking on laptops, even in this budget, is a piece of cake. Although today, you might find some older hardware on some cheaper laptops, on the whole, entry-level and mainstream laptops are certainly more powerful and feature-rich than what they were a year ago.
The changes in platforms include new chipsets, support for newer generation of CPUs and faster memory support for new wireless standards, better GPUs, and so on. So, unless you're waiting for a new platform to release, it's always a good time to buy a new laptop.
There's no point in waiting for months in anticipation for a price drop, because it will further drop in the next few months. A lot has changed in the recent past, especially after the introduction of Intel's new Core Series of CPUs. They have successfully replaced the old Pentium Dual Core and the Core 2 Duo CPUs. With technologies like Hyper-Threading, multitasking on laptops, even in this budget, is a piece of cake. Although today, you might find some older hardware on some cheaper laptops, on the whole, entry-level and mainstream laptops are certainly more powerful and feature-rich than what they were a year ago.
How to Tell if a Mirror Is Two Way or Not
A two-way mirror is glass which, on one side, provides a reflection, but on the other side, functions as a window. It is used to observe people so that they are not aware that they are being watched, or who is watching them. Two-way mirrors (also known as one-way, transparent, and observation mirrors) are common in police stations or psychological institutions, but there are other, less obvious settings where people worry about being watched, such as dressing rooms and workplaces. If you are concerned about a particular mirror, here's how to tell if there's someone looking on the other side.
Steps
Observe how the mirror is installed. A normal mirror is hung against the wall, but an observation mirror is set into the wall. If the wall is behind the mirror, it's probably a normal mirror.
Turn off the lights and hold a flashlight or even a small personal flashlight to the mirror. If it is a two-way mirror, the room on the other side will be illuminated.
Press your eyes against the mirror and cup them with your hands, creating a dark "tunnel" to block out the light. When you do so, the light in the observation room will be brighter than the light on your side of the mirror, and you should be able to see something beyond the glass.
Tap on the surface of the mirror with your knuckle. A normal mirror will produce a dull sound because it is placed in front of a wall. A two-way mirror, however, will produce an open, hollow, and reverberating sound, because there is an open space on the other side.
Tips
The "fingernail" test most commonly associated with identifying two-way mirrors is not as reliable as any of the methods above. It can be performed by putting your fingernail against the mirror. If there is NO gap between your nail and the reflection, you are touching a first-surface mirror. These are quite expensive and would not be installed under ordinary circumstances. Not all observation mirrors are first surface mirrors, and not all first surface mirrors are observation mirrors. Also known as half-silvered mirrors, two-way mirrors or observation mirrors work equally well when illuminated from either side. What matters is which side has the greater illumination not which side is silvered. There is also no reason an observation mirror can't be surface mounted on a wall just like a real mirror. It need not be mounted in the wall like a window.
Some places, such as gas stations will use one way metal mirrors because glass mirrors can be destroyed by users.
Powervoip Cheapest Calls to India
Its been a while since Betamax launched a new VOIP Provider but finally it happened. Betamax has been busy working on the Dellmont Sarl brand to push VOIP services. Today, we are looking at a new VOIP service which offers the best calling rates to India.Gone are the days when actionvoip and rynga were the best and cheapest VOIP services to call india. They slowly increased their rates making them as good as any other cheap international call providers.
However now, a new VOIP service by Delmont Sarl called PowerVoip.com is all out to start the price war once again. With PowerVoip, you can call India Landline and Mobile for only $0.015/min which is great. This rate is only applicable for PC to Phone calling. When you call using Phone to Phone, Powervoip will charge for both destinations.
Like other dellmont sarl voip services, Powervoip also offers full support for SIP.
Powervoip.com SIP details:
SIP port : 5060
Registrar : sip.powervoip.com
Proxy server : sip.powervoip.com
Outbound proxy server : leave empty
Account name : your PowerVoip username
Password : your PowerVoip password
Display name/number : your PowerVoip username or voipnumber
Stunserver (option) : stun.powervoip.com
Alternatively you can also use powervoip via sms or local access numbers. Powervoip local access numbers are available in multiple countries. For making calls using PowerVoip, you need to either setup their SIP settings in X-lite or any other SIP softphone or simple Download Powervoip softphone from this link.
Always remember, when you are dealing with Betamax/Dellmont Sarl, its always better to first test powervoip service with minimal credit. Do let us know your feedback on Powervoip.
However now, a new VOIP service by Delmont Sarl called PowerVoip.com is all out to start the price war once again. With PowerVoip, you can call India Landline and Mobile for only $0.015/min which is great. This rate is only applicable for PC to Phone calling. When you call using Phone to Phone, Powervoip will charge for both destinations.
Like other dellmont sarl voip services, Powervoip also offers full support for SIP.
Powervoip.com SIP details:
SIP port : 5060
Registrar : sip.powervoip.com
Proxy server : sip.powervoip.com
Outbound proxy server : leave empty
Account name : your PowerVoip username
Password : your PowerVoip password
Display name/number : your PowerVoip username or voipnumber
Stunserver (option) : stun.powervoip.com
Alternatively you can also use powervoip via sms or local access numbers. Powervoip local access numbers are available in multiple countries. For making calls using PowerVoip, you need to either setup their SIP settings in X-lite or any other SIP softphone or simple Download Powervoip softphone from this link.
Always remember, when you are dealing with Betamax/Dellmont Sarl, its always better to first test powervoip service with minimal credit. Do let us know your feedback on Powervoip.
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