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Through the proposed DTC / GST legislations, federal government has acknowledged the demand for new revenue system nevertheless the proposed new laws apparently appear pertaining to being even more complicated then this current one.

What will be the rate? In the rate or rates enacted by Central Act for any Assessment Month. It's varies between 10% - 30% of taxable income excluding the basic exemption limit applicable on the tax payer.

If the $100,000 a year person didn't contribute, he'd end up $720 more in his pocket. But, having contributed, he's got $1,000 more in his IRA and $280 - rather than $720 - in his pocket. So he's got $560 ($280+$1000 less $720) more to his brand. Wow!

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Back in 2008 I received an unscheduled visit from girls teacher who had just became her tax assessment rewards. She had also chosen early retirement in November 2007. Yes, you guessed right. she'd taken the D-I-Y approach to save money for her retirement.

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