Retiring soon? Some financially sound options to keep yourself occupied

Retiring soon? Some financially sound options to keep yourself occupied – by Priya Sunder When we think of retirement, we think of an unfettered life — free from the constraints of a clock and being subservient to people at work. A happy retirement is about having a fulfilling life for the thirty or so years that you will live after you retire. It’s not just about keeping yourself occupied but, if possible, making it a financially sound option. As you start thinking about your retirement plans, here are some ideas that you may find useful. * If...

Read More

Proposal to discontinue exemption of Rs. 1.5 lakh available for Savings under Section 80C

Proposal to discontinue exemption of Rs. 1.5 lakh available for Savings under Section 80C It is learnt that Finance Ministry is considering to put up a proposal for discontinuing Exemption of Rs. 1.5 lakh presently available under Section 80C for Savings and Insurnace such as premium paid, investment in NSS, Mutual funds, Pension funds etc. Alternatively, the basic income tax exemption limit of Rs. 2.5 lakh would be raised to Rs. 4 lakh. Reasons behind such a bold move by Finance Ministry as per sources are: 1. Income Tax Department could...

Read More

Budget 2015 India: Wish List of Salaried Employees on Income Tax

Budget 2015 India:  Wish List of Salaried Employees on Income Tax Budget 2015 may be yet another one, but financial comfort and rising hopes on growing Indian Economy, may provide room for the finance minister Mr. Arun Jaitley to announce more exemptions or reliefs in the income tax front in this Budget. More than additional exemptions these measures can be called as updating of Income Tax Exemption limit for various allowances which were fixed very long ago which unrealistic to present date. Budget 2015 Wish List of Salaried Employees...

Read More

Highlights of the 7th Central Pay Commission

Highlights of the 7th Central Pay Commission 1. Pay scales are calculated on the basis of pay drawn pay in pay band + GP + 100% DA by employee as on 01-01-2014. 2. 7th CPC report should be implemented w.e.f. 01-01-2014. 3. Scrap New Pension Scheme and cover all employees under Old Pension and Family Pension Scheme. 4. JCM has proposed minimum wage for MTS (Skilled) Rs.26,000 p.m. 5. Ratio of minimum and maximum wage should be 1:8. 6. General formula for determination of pay scale based on minimum living wage demanded for MTS is...

Read More

Highlights of the 6th Central Pay Commission

Highlights of the 6th Central Pay Commission The Union Cabinet today gave its approval for implementation of the recommendations of the Sixth Central Pay Commission. The revised pay scales will come into effect from 1/1/2006 and revised rates of allowances from 1/9/2008. The Cabinet has also decided that arrears will be paid in cash in two instalments – first instalment of 40% during the current year (2008-09) and the remaining 60% in the next financial year (2009-10). 2. The Cabinet has broadly accepted the recommendations of Sixth CPC...

Read More