Tuesday, 6 March, 2007

Registration of marriage made compulsory

The Hon. Supreme Court of India in the judgment passed in “ Seema Vs Ashwini Kumar” held that marriages of persons who are citizens if India belonging to various religions should be made compulsorily registrable in their respective States, where in the marriage is solemnized and the Apex Court directed the Sates and the Central Government to take the necessary steps for implementing the Court’s direction. Accordingly on 16.11.2006 the Government of Kerala published in the official Gazette the following Rules for implementing the directives of the Supreme Court. These Rules are to come into force after the expiry of sixty days from the date of publication.
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Thursday, 1 March, 2007

India Budget 2007 - Highlights

Proposals for Personal Taxes

  • TDS exemption limit increased from Rs. 5,000 to Rs. 10,000 on interest from Banks and Post Offices.
  • TDS made applicable on interest on 8% Savings (Taxable) Bonds.
  • Certain personal effects such as paintings, sculptures proposed to be covered within the definition of capital assets and brought within the ambit of capital gains tax.

Tax Rates
  • Introduction of secondary and higher education cess of 1% resulting in increase in education cess from 2% to 3%. The increase in education cess has resulted into marginal increase in overall tax rates.
  • No surcharge to be levied on domestic companies, partnership firms andforeign companies having total income up to Rs. 1,00,00,000, resulting in an effective tax rate of 30.90% for domestic companies and firms and 41.20% for foreign companies.
  • Effective tax rate for domestic companies and firms having taxable income exceeding Rs. 1,00,00,000 increased marginally from 33.66% to 33.99% and for foreign companies from 41.82% to 42.23%.
  • Basic exemption limit for individuals / HUFs increased by Rs. 10,000.
  • Deduction for entire amount of interest paid on a loan taken for higher education of spouse and children.
  • The limit of deduction under section 80D for premium towards mediclaim increased from Rs. 10,000 to Rs. 15,000.

read more at source (Manupathra)

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