DTC : Direct Tax Code

The DTC is direct tax code, it  is said to replace the existing Income Tax Act, 1961. The Government had announced its intention to introduce a revised and simplified Income tax Bill. If approved, the DTC shall come into force from April 1, 2012, and shall be applicable for the financial year 2012-13. The new tax code would be a vast …

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High Risk Life Insurance Policy

High-risk life insurance is a type of life insurance coverage that provides benefits to individuals who do not qualify for other types of life insurance plans. It especially provide coverage to people in apparently dangerous occupations which includes careers like flying instructors, racing car drivers and salvage divers etc.. It takes into account also those who have existing illnesses that …

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Tips & Techniques For Tax Savings In India

Money Saving Tips

Are you looking for some useful tips & online resources which can help you to save your hard earned money. There are different ways to save your tax and save a lot of money. There are lots of financial schemes available in India which provides you guaranteed returns, high interest rates, tax savings under various sections of Indian Income Tax …

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How Term Insurance Is Better Than Permanent/Whole Life Insurance?

Before taking life insurance its better to understand the difference between term insurance and other types of policies. Term insurance is the original form of insurance which is also known as term life insurance. Term insurance is a type of life insurance policy that provides coverage for a specified period of time. It only provides coverage against death and do …

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What Are The Advantages & Disadvantages Of Triple Net Lease?

A triple net lease is a type of commercial leasing agreement on the property in which the lessee has agreed to pays taxes, insurance, and maintenance in addition to the rent. The lessee has to pay the net amount of  three types of costs ‘Net Real Estates Taxes’, ‘Net Building Insurance’ and ‘Net Common Area Maintenance’ which how this term …

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Check Your Form 26AS For TDS & TCS Tax Credit

Form 26AS is a consolidated tax statement that each Pan card holder can view at ITR e-Filling website. To view the tax statement, assessee needs to register on ITR e-filling website with there Pan card number and can view Tax Credit Statement(Form 26AS). It is an annual Tax statement regularly updated by income tax department. It allows tax payers to …

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What Is An Ad Valorem Tax?

Ad Valorem, term is derived from the Latin word, meaning “according to value”. An Ad Valorem denotes a tax, duty, fee or commission that is calculated as a percentage of the sales price or value. An Ad Valorem tax is a tax based on the assessed value of real estate or personal property or a specific item. In other words …

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Who Are Actuaries?

An actuary is a business professional who basically deals with the financial impact of risk and uncertainties. Actuaries provide expert assessments and advice of financial security systems, with a focus on their complexity. Actuaries assess risk with there knowledge of statistics, finance actuary, finanand business and help create policies for businesses and clients that minimize the cost of that risk. …

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DIN : A Unique Number For Taxation Purpose

The Income Tax (IT) department has come up with an additional identification number i.e DIN for tax payers after PAN Card. DIN is Document Identification Number, it is an another identification number that income tax department has introduced for tax payers. The DIN has been introduced through the guidelines issues by the Central Board of Direct Taxes (CBDT). Income tax …

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Check Income Tax Slabs & Rates For Current Financial Year (FY)

The income tax slabs / brackets and the income tax rates changes every year. Knowing Income tax slab for the current year helps us evaluate our income tax liability for the year. The slabs for men, women and senior citizens are also defined separately by the income tax (IT) department. Lets have a details of the applicable income tax slabs …

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Tax Exemptions As Per Income Tax Act 1961

Every income is taxable under income tax law, whether it is received in cash or in kind, whether it is capital or revenue income, but still some incomes are given exemption from tax. Income-tax Act contains  a number of provisions which exclude various kind of incomes from the purview of taxation. The incomes enumerated below are exempt from tax Agricultural …

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What Is Portfolio In Finance?

In finance, a portfolio is a collection of investments held by an individual or an institution. Many types of investment opportunities are available in the market which make people and institutions invest there money in different types of investments at one point of time, this collection of investment is called as finance portfolio. Owning a portfolio of assets is part …

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Income Tax Act In India

Income Tax is a tax imposed by the government of India on every one who earns in India whether they are resident of India or not. If an individual stays in India for 182 days or more in a year, he is treated as resident in that year regardless of his citizenship. This tax is levied under Income tax Act …

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What Is Option (In Finance)?

In finance, an option is a derivative financial instrument that establishes a contract between two parties to buy or sell an asset at a set price before a given date. The option depends on some other assets for its value as it gets value from the stock or the index. For this reason, options are also called derivatives. Options are …

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What Does HMRC Stands For?

HMRC stands for Her Majesty’s Revenue and Customs. It is a non ministerial department of the British Government. It was formed on the 18th April 2005, formed by the merger of Inland Revenue and HM Customs and Excise. HMRC is primarily responsible for the collection of taxes, it ensures the correct tax is paid at the right time. HMRC is …

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What is Pegging(Peg) In Finance?

Pegging is a method which is used to fix the values relative to assets of stable value to increase market stability. It is most commonly done in Foreign Exchange for currency pegging in which a government fixes the exchange rate of its own currency to the currency of another country which is viewed as reliable and highly stable. Most countries …

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