Amendments for Assessment Year 2013-14 for CFP

Tax Rates:

For Individual (Man and Woman both):

Net Income	Income Tax Rates
Up to 2,00,000	Nil
2,00,000  to 5,00,000	10%
5,00,000 to 10,00,000	20%
Above 10,00,000	30%

Capital gains:

• CII for AY 2013-14: 852
• Extension of capital gain exemption under section 54B to a Hindu Undivided Family

Income from other sources:

• Any sum of money or property received by a HUF without consideration or for inadequate consideration from its members exempt from tax

Deductions from Gross Total Income

• Life insurance premium up to 10% of minimum capital sum assured to qualify for deduction under section 80C, in respect of insurance policies issued on or after 1.4.2012.
  • Previously the same was used to be 20%
• No benefit under section 80CCF from AY 2013-14
• Introduction of section 80CCG:
  • One time deduction for investment by a resident individual in listed equity shares as per notified scheme
  • Example: Rajeev Gandhi equity scheme
• Eligible age for senior citizen reduced from 65 years to 60 years for availing increased deduction under section 80D
  • Deduction for expenditure on preventive health check-up under section 80D
• No deduction in respect of cash donation exceeding of Rs. 10,000 under section 80G
• Deduction in respect of interest on deposits in savings accounts under section 80TTA
  • Deduction up to Rs.10,000 in aggregate to an assessee

Advertisement

Sample Paper of Tax Planning for CFP by FPSB

FPSB has just released a sample paper of Tax Planning and Estate Planning.

Click to download questions: http://www.fpsb.co.in/Upload/CFPSampleQPaper/SamplePaper_TPEP.pdf

Click to download solutions: http://www.fpsb.co.in/Upload/CFPSampleQPaper/SuggestedSolutions_TPEP.pdf

We may have to wait a bit for the sample papers of the rest of the modules.