Union Budget 2016-17: I-T slabs remain unchanged

Union Budget 2016-17: I-T slabs remain unchanged HRA deduction increased to Rs. 60,000 per annum; 40% of withdrawal under NPS to be tax exempt; additional exemption for housing loans. Finance Minister Arun Jaitley presents his third Union Budget. With an eye on supporting the small tax-payer and the small investor, the Minister announced a slew of schemes, and income tax exemptions. As it happened: 12.41 p.m.: Finance Minister Arun Jaitley...

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Reducing black money through a Scheme to declare undisclosed income by paying 45% tax in a given compliance window.

Reducing black money through a Scheme to declare undisclosed income by paying 45% tax in a given compliance window. While presenting the General Budget 2016-17 in Lok Sabha here today, the Union Finance Minister Shri Arun Jaitley proposed a Scheme to declare undisclosed income by paying 45% tax in a given compliance window. Shri Jaitley proposed a limited period Compliance window for domestic taxpayers to declare undisclosed income or income represented in the form of any asset and clear up their past tax transgressions. This will include...

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Limit of Deduction of Rent Increased from Rs.24,000 to Rs.60,000

Limit of Deduction of Rent Increased from Rs.24,000 to Rs.60,000 100% Deduction of Profits for 3 out of 5 Years for Start-Ups Withdrawal upto 40% of the Corpus to be Tax-Free at the time of Retirement Deduction of Additional Interest of Rs.50,000 Per Annum for First-Time Home buyers New Dispute Resolution Scheme to be Introduced Thirteen Cesses Levied by Various Ministries having Revenue Collection less than Rs.50 Crore to be Abolished ‘E-Sahyog’ and ‘E-Assessment’ to be Expanded Further 100% Deductions for Profits to an undertaking...

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Measures for moving towards a pensioned society

Measures for moving towards a pensioned society While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that pension schemes offer financial protection to senior citizens. He proposed to make withdrawal up to 40% of the corpus at the time of retirement tax exempt in the case of National Pension Scheme(NPS). In case of superannuation funds and recognized provident funds, including EPF, the same norm of 40% of corpus to be tax free will apply in respect of corpus created out of contributions...

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Seeking information about the actual data of perks/allowances given to the CVOs for the financial year 2013-14 & 2014-15

F.No.325/10/2015-AVD-III Government of India Ministry of Personnel, Public Grievances & Pensions Department of Personnel & Training ***** North Block, New Delhi Dated the 26th February, 2016 OFFICE MEMORANDAM Subject: Seeking information about the actual data of perks/allowances given to the CVOs for the financial year 2013-14 & 2014-15. The undersigned is directed to refer to this Department’s O.M. of even number dated 1 st July, 2015 wherein a committee was constituted to decide reassessment of CVO positions...

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Highlights of General Budget 2016: Indian Government News

Highlights of General Budget 2016: Indian Government News Union Finance Minister Shri Arun Jaitley spoke on the Key Reform Measures in his Budget speech 2016-17 1. The Government is firm on its course towards fiscal consolidation without compromising on its development agenda. 3.5% fiscal deficit is targeted for FY 2017. 2. Total allocation for Agriculture, Farmers’ welfare and Irrigation set at Rs. 47,912 cr, which is nearly twice...

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EXPECTED DA FROM JULY 2016 BEGINS..! AICPIN FOR JANUARY 2016

EXPECTED DA FROM JULY 2016 BEGINS..! AICPIN FOR JANUARY 2016 All India Consumer Price Index for Industrial Workers on Base 2001=100 The Labour Bureau, under the Ministry of Labour and Employment has now released the AICPIN points for the month of January 2016, the index stands at 269. The first index point for the year 2016 has been released by the Central Government and the 7th Pay Commission DA Calculation also starts with this first index. The...

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7th Pay Commission issue in Parliament – Strike by Railway Employees

7th Pay Commission issue in Parliament – Strike by Railway Employees 7th Pay Commission Latest News – Minister’s reply on Strike by Railway Employees demanding 35 per cent hike on implementation of 7th CPC recommendations Mr Kotha Prabhakar Reddy, Railway Minister for State has replied to a query regarding proposed Railway Employees Strike for increasing the hike in salary recommended by 7th Pay Commission. GOVERNMENT OF INDIA MINISTRY OF RAILWAYS LOK SABHA UNSTARRED QUESTION NO: 57 ANSWERED ON: 24.02.2016 Strike by Railway Employees KOTHA...

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7th CPC DA Calculation: What are the 7th CPC’s Recommendations Regarding Dearness Allowance?

7th CPC DA Calculation: What are the 7th CPC’s Recommendations Regarding Dearness Allowance? Dearness Allowance is one of the important issues that the Pay Commission deals with. The calculation method that was recommended by the 6th Pay Commission was radically different from the ones suggested by all the previous Pay Commissions. Dearness Allowance, which was increasing by 1 or 2% until the 5th Pay Commission suddenly shot up to double-digit numbers. Until the 5th CPC, the All India Consumer Price Index Number for Industrial Workers...

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