INCOME TAX LIMIT INCREASES

  Budget 2014: Arun Jaitley Provides Big Relief to Income Tax Payers


In big relief to tax payers, Finance Minister Arun Jaitley announced a number of changes to the Income Tax Act.
The FM has raised the exemption limit on income tax from Rs. 2 lakh to Rs. 2.5 lakh. For senior citizens, the exemption on income has been raised to Rs. 3 lakh per annum.
Mr Jaitley has also hiked the exemption limit on long-term financial savings, currently capped at Rs. 1 lakh, by Rs. 50,000. Savings instruments such as housing loan repayment (principal), five-year and above tenure fixed deposits, provident funds (PFs) and life insurance policy premiums are some investment vehicles that qualify for tax exemption under Section 80C of the Income Tax Act.
The Finance Minister has also hiked the tax-free cap on home loan interest from Rs. 1.5 to Rs. 2 lakh.
However, income tax rates and slabs have not been changed.

Comments

Post a Comment

Popular posts from this blog

Download Data Entry Software for Postal/Sorting Assistant (PA/SA) Exam- Phase 2

Image
As promised in our earlier post, in this post we are providing you the Data Entry Software (Offline) to Practice Data Entry for Postal/Sorting Assistant Exam. Almost all are conversant with what the typing test is as a lot of online and offline software’s are available in the internet. But when it comes to Data Entry options are limited. Here we are providing you one of the best Data Entry Software that will be handy for PA/SA Phase 2 exam preparation. Features of Software: 1) 3 types of data entry tests are included: alpha, numeric, alphanumeric. 2) Gross and net keystrokes per hour as well as accuracy are measured and saved in a results database for printing or viewing. 3) User decides width of numeric field and decimal display or suppress fornumeric tests. 4) Alphanumeric test is in the form of a typical invoice. 5) With the click of a button, new data entry tests can be created by the program. 5) You decide the duration of the tests; up to 30 minu
CLICK HERE FOR MORE

Letter to CPMG on latest issues of SBCO

ALL INDIA SAVINGS BANK CONTROL EMPLOYEES UNION KERALA CIRCLE (Recognized Union of Department of Posts) CHQ: Nirmalyam, Erezha North, Chettikulangara, Mavelikara 690106 The Chief Postmaster General, Kerala Circle, Trivandrum 695 033 L No. AISBCEU/Circle/2017-18                                      dated at Mavelikara the   19 th June 2017 Respected Sir,         May I invite your kind attention to some major issues relating to SBCO requiring immediate remedial action. 1)             On migration to Core banking solution, vide SB order No. 14/2015 and its addendums issued by the Directorate, work of SBCO has been drastically changed.  The work erstwhile done at HO SB branch was discontinued and entrusted to SBCO with a consolation of direction to provide the staff of SB branch to SBCO. This instruction has not been complied by the Postmasters & Divisional Heads at many HOs.  In a very few HOs, on the strict order of their Divisional Heads, Postmasters
CLICK HERE FOR MORE

PRESERVATION PERIOD FOR POSTAL RECORDS ( SBCO BRANCH ) Updated

PRESERVATION PERIOD FOR POSTAL RECORDS ( SBCO BRANCH) SL NO            DETAILS OF OLD RECORDS Period of preservation  1 List of Transactions 2 Years (After Agreement ) 2 All categories of vouchers ( Dep / Wdl ) 5 Years All categories of vouchers - Closures  5 Years As per SB order no. 14/2012 & 08/2013 3  Consolidation journals  ( Local/Credit/Debit  ) 2 Years 4 Consolidation journals SB/RD / MIS/ TD  Dep & Wdl 2 Years 5 Register of SB62, 62a, SB63, RD85, 85a, of all  categories 3 Years 6 Register of OMs 2 Years ( after closure of all OMs in the register ) 7 Interest Statement  summary 3 Years 8 Miscellaneous  Registers a) Discrepancy Register b) Binder verification Regis
CLICK HERE FOR MORE