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Highlights of Interim Budget 2014 (Vote-on-Account) – What it Means for the Educated Middle Class

By correspondent

Union government presented an Interim Budget. The budget is a vote-on-account because the government seeks to Lok Sabha’s sanction (voting) to spend for immediate expenditures until a full budget is presented. Once the norms in the budget are in force, educated middle class people can get things at cheaper prices than before. Following are... »

Individuals Earning below Rs.5 Lakhs Exempted from Filing Tax Returns

By HIOC Team

The Union budget for the year 2011-2012, had announced that the individuals having income less than Rs.5 lakh need not file the tax returns. According to the official information the Form 16 issued by the employer to the employee is considered as Income Tax Returns. In the cases where the individuals with the said... »

Private Medication to Cost More with Increase in Service Tax

By HIOC Team

The Union budget for the year 2011-2012 has imposed an extra 5 percent of service tax on all the medical services and diagnostic tests provided by all the hospitals which are air conditioned and have more than 25 beds. This increase is being opposed by the patients, managements and associations representing these private hospitals,... »

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