Thursday, August 26, 2010
New Direct Tax Code: Pay less in taxes from April 2011
New Delhi: A windfall for taxpayers from the next financial year. You will in fact have to pay less Direct taxes in every slab of income. This comes with the Cabinet clearing the Direct tax code which will be introduced in Rajya Sabha, and referred it to a select committee, during the monsoon session.It has been referred to the Select Committee, and will be introduced in Rajya Sabha on Monday. The new provisions under the Direct Tax Code are as follows:
* Tax for income between Rs. 2 lakh - Rs. 5 lakh: 10%
* Tax for income between Rs. 5 lakh - Rs. 10 lakh: 20%
* Tax for income over Rs. 10 lakh: 30%
The limit for exemptions for salaried people is Rs. 2 lakh, while that for senior citizens is Rs. 2.5 lakh.
The new Code comes into effect from April, 2011.
After the approval of the Cabinet, the decks are cleared for tabling the legislation in the Monsoon Session of Parliament so that the new Act ushering in reduced tax rates and exemptions may come into effect from next fiscal.
When enacted, the Code will replace the archaic Income Tax Act and simplify the whole direct tax regime in the country.
The Code aims at reducing tax rates, but expanding the tax base by minimising exemptions.
The Finance Ministry had earlier come out with a draft on the (Direct Tax Code) DTC bill, some of whose provisions drew strong criticism from industry as well as the public.
To address those issues, the ministry brought out the revised draft, dropping earlier proposals of taxing provident funds on withdrawal and levying Minimum Alternate Tax on corporates based on their assets.
"As of now, it is proposed to provide the EEE (Exempt-Exempt-Exempt) method of taxation for Government Provident Fund (GPF), Public Provident Fund (PPF) and Recognised Provident Funds (RPF) ...", the revised DTC released by the Finance Ministry said.
The revised draft also puts pensions administered by the interim regulator PFRDA, including pension of government employees who were recruited since January 2004, under EEE treatment.
The first DTC draft had proposed to tax all savings schemes including provident funds at the time of withdrawal bringing them under the EET (Exempt-Exempt-Tax) mode.
Under the EEE mode, the tax exemption is enjoyed at all the three stages - investment, accumulation and withdrawal.
The earlier DTC draft had proposed to reduce the corporate tax to 25 per cent from the present 30 per cent. The revised proposal has also made it clear that tax incentives on housing loans will continue. Payment on interest on housing loans up to Rs. 1.5 lakh will continue. The earlier draft was silent on housing loans.
Read more at: http://www.ndtv.com/article/business/new-direct-tax-code-pay-less-in-taxes-from-april-2011-47396?cp
Labels: New Direct Tax Code: Pay less in taxes from April 2011
Monday, August 23, 2010
Silver Nitrate and Its Uses
Silver nitrate is a natural substance that has found various uses by man throughout history. While at first these uses were predominantly medical in nature, now there are a multitude of chemical, biological and industrial uses for silver nitrate. This most inexpensive of silver salts is transparent, colorless, and odorless, yet it finds its way into the production of photographic film! Silver nitrate is a real workhorse.
In chemistry, silver nitrate is used as a regeant. It can be used to test for the presence of chloride, bromide, or iodide ions. In biology it is employed as a silver stain to demonstrate proteins and nucleic acids. Silver nitrate is also used in scanning electron microscopy.
Manufacturing and industry have many uses for silver nitrate, too. It is economical and comes in a variety of solutions. As mentioned, it is used in film production. Silver nitrate is one of the bases of the photographic gel applied to strips of tri-acetae. Silver nitrate is also used in mirrors, inks, hair dyes, silver plating, and in silver based explosives. Commercial florists use it to extend the life of cut flowers. It truly is a versatile compound.
Silver nitrate is available in any form or quantity from Spectrum Chemical, one of the world’s most reliable names. Whether you need this compound in its pure form or in any sort of solution, the first place to look is Spectrum Chemical.
Labels: silver nitrate, Silver Nitrate and Its Uses
