The government is thinking of declining the diesel subsidy allowed for car owners. It was yesterday in loksabha that the finance minister Pranab Mukherji made this statement. He was speaking on the issue of inflation in the Parliament. He also said that government is ready to accept the opinion of the opposition too. The ways to drop the current subsidy given to the car owners are to be decided together. Rs.6.08/litre is the current rate of subsidy and he stated that amoung the thus sold diesel, 15% are used by cars.

Government is already providing financial assistance to the public sector oil companies that sell diesel, kerosene and cooking gas at a price lower than the productive prices. And if the price control for diesel is held up as it was done for petrol, a large amount which is now spent as subsidy will be saved by the government. And it will help to release the pressure in the financial sector also.

He also explained that government is intending to keep the subsidy given to cooking gas and kerosene used by the poor people and to give subsidy for diesel and LPF to only for those who deserves. A committee under the head of Nandan Nilekani is appointed to conduct a study on the matter and they will soon inform the government about their findings. He gave a hint in his speech that the new decisions include taking off the subsidy for cars and providing new beneficial schemes in the village sector. When the price hike was imposed on public in june for diesel, kerosene and LPG, government had reduced the customs and excise duty. This would cause a loss in income for the nation of about Rs.49000 crore.

75% of the crude oil needed by the country is being imported. 10% of the produced diesel is used by the industrial sector, 6% by railways, 12% by the agricultural sector, and 15% by car owners. Buses use 12% and trucks 37%. 8% is the consumption by the energy production sector. He also said that inspite of lately increasing the price of petroleum products, the government has to give an amount of Rs.1.22 lakh to the oil companies as financial assistance. The current status of providing diesel with subsidy to the luxury car owners, telecom tower companies malls and restaurents were criticized by the opposition in the parliament.

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Four easy ways for fast money

Even the smart investors fear the availability of money in their emergency time. How can you get fast money in your emergency time? There are many ways for fast money. This Article discusses the easy and fast money when you need.
Credit cards
Credit cards are the easy way to get money instantly when you want. If you have a credit card, just go to the  ATM and take the money. You can get 40% to 100% of your credit limit. You can take loan from Rs 100. There will be a 2.5% transaction fee. You have to pay interest  of 2 -3.5% in each month. There are no special terms for repayment.

Loan from provident fund

You can take loan from provident fund if you have no other way. Because it cannot be repayed. In this method you will get money within one month from application.

How much money you will get? – You may get the full amount in your provident fund in certain conditions.
Money for different purposes
1.To buy  land
2.To buy house
3.For the maintenance work of the house.
4.For medical treatment.
5.For marriage purposes
6.For natural calamity
7.For handicapped people
Loan from fixed deposits
You can take money from your fixed deposits. You will get up to 90% of your fixed deposit amount. This facility is commonly given by the commercial banks to its customers. Interest will be just more than 2% of your fixed deposit. There is no other fee in this method. You can meet your needs through this method.
Loan from insurance policies
You will get fast and easy money from LIC policicies. Money will be got in both the endowment and and money back policies. You can get money upto 90% of your surrender value in the policies where you are paying premium without arrears.
How can you calculate the surrender value?
The number of years  you  paid the premium should be divided by the term of the insurance. The answer should be multiplied by the Sum assured, thus you will get the paid up value. If there is bonus, just add that to the paid up value.the answer should be multiplied by the surrender value factor, thus you will get the actual surrender value.
Interest and repayment?
9% of interest will be charged annually. You have to pay interest in each six month.

Related Posts

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Direct Tax means the tax paid by an individual or an organization which cannot be shifted from the individual or entity on which it is levied. In other words, the direct tax code means a tax that cannot be shifted to another person or entity. The taxes on income or assets are examples of direct taxes. The person or organization that runs or owns the object must pay the tax directly.

For the better understanding of the direct tax code let us see what indirect tax is too. In the indirect tax of sales, the seller pays the tax of the product to the government and later makes the customer to pay it to him. The cost of the product includes the tax. On the other hand, the direct tax code of India enables the customers pay the sales tax directly to the government. The definition of direct tax code and the definition of indirect tax code here make clear the difference between direct tax code and indirect tax code.

Now, let us see the difference between the existing tax code and the proposed direct tax code bill 2009. The Direct Tax Code India is expected to be in act by financial year 2011 – 2012. According to the Indian present tax code, an individual having an annual income up to 1.60 lakhs has to pay no tax at all. But, an individual having an annual income between Rs.1.60 – 3.00 lakhs must pay 10% of his total income as tax to the government of India. An individual having annual income between Rs.3.00 – 5.00 lakhs is expected to make the tax payment of Rs.14,000 + 20% of his total income and those having the total income exceeding Rs.5.00 lakhs must pay Rs.54,000 +30% of their total income to the government as tax.

On the other hand according to the proposed Direct Tax Code, one has more advantages. The ration between the existing tax code of India and the future tax code of India vary. The main advantage of the direct tax code to the Indian citizens is that they can save a lot. As in the current tax code India, even in the upcoming direct tax code also an individual is not subject to tax if his annual income is below Rs.1.60 lakhs. On the other hand the ratio between the Indian tax codes existing and future vary for those having annual income above Rs.1.60 lakhs. It is as follows. An individual having an annual income between Rs.1.60 – 10.00 lakhs must pay 10% of his total income as tax to the government of India. An individual having annual income between Rs.10.00 – 25.00 lakhs is expected to make the tax payment of Rs.84,000 + 20% of his total income and those having the total income exceeding Rs.25.00 lakhs must pay Rs.3,84,000 + 30% of their total income to the government as tax. This makes clear how far the Indians have gone in financial growth. The value of Indian currency is understood from the difference between the existing and proposed tax codes of India.

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Online Sales Tax Payment

Now, the traders can pay there sale tax by using internet facility. Kerala finance department introduced a new method for the payment of taxes. At the time of presenting monthly return, the traders can pay the tax through online. Actually from September 10^th this payment method was supposed to come in exist. But still it’s not happened. As a part of beginning this facility is available only through SBT, SBI accounts. By using trader’s accounts he/she can pay the sales tax. After six months this facility will available in all other banks. Our sales tax department is doing their best for the development of this facility. Almost all the traders are accepted this e-facility. At this time various banks are changed their rules for opening a zero balance account. Finance department also helped them. Those who have the copy of vat registration certificate they can open zero balance account in SBI and SBT. Now, those traders have TIN number they can only pay the tax through e-payment. As a part of first stage they can only pay the taxes which have return. The main merit of this facility is the traders need not visit the sales tax office and treasury for the payment of the tax. Traders can save more time through this payment facility.

Related Posts

• August 5, 2011 -- NO DIESEL SUBSIDY FOR CARS
• March 4, 2011 -- Easy ways for fast money
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Related Posts

• August 5, 2011 -- NO DIESEL SUBSIDY FOR CARS
• March 4, 2011 -- Easy ways for fast money
• November 30, 2009 -- New Direct Tax Code of India
• October 21, 2009 -- Sales tax payment through internet