Enter Keyword and Search





Friday, June 26, 2009

Centre working on next-best option to one-rank, one-pay

with 0 Comment


The government seems all set to upwardly revise pension of ex-servicemen to bring them closer to the long-demanded “ one rank, one-pension” mechanism.

Though holding that full OROP is neither financially nor administratively possible, the government promises to resolve the existing anomalies in the pension structures of ex-servicemen which have been accentuated by the 6th Pay Commission.

On Thursday, cabinet secretary K M Chandrasekhar, who heads the committee of secretaries (CoS) looking into the issue, made a presentation to Prime Minister Manmohan Singh. He is also said to have discussed the pros and cons of granting the OROP demand based on the nearly two-month study that the committee carried out on the subject.

Others present during the presentation included finance minister Pranab Mukherjee, defence minister A K Antony, home minister P Chidambaram and minister of state (personnel) Prithviraj Chavan. The UPA government has already committed itself to taking a decision on the subject by the end of June in President Pratibha Patil’s address to the joint sitting of Parliament on June4.

Just before the crucial fourth phase of polling on May 7, the defence ministry had declared that a committee headed by the cabinet secretary had been constituted to ‘‘reduce the gap in the pensionary benefits to officers and jawans, bringing it as close to OROP as possible’’.
Source: The Times of India

Related Posts:
One-rank one-pension for Ex-Servicemen
Government okays pension for all in paramilitary forces

Expecting an increase upto Rs.1.5 lakhs....!

with 2 comments


Expecting an increase upto Rs.1.5 lakhs Income Tax exemptions under Section-80C. one of the most important provisions for investors in the tax laws
What is Income Tax Section-80C?
The government, in order to encourage savings, gives tax breaks to certain financial products as discussed in Section 80C of the Income Tax Act. These investments are often referred to as 80C investments.

In India only Government Employees are paying their Income Tax regularly. The salary and other income of a Government Servant are calculated exactly and the amount for the tax is recovered in the early stages itself at their respective departments. Hence, Government Employees will be delighted to hear if any increase in the individual Income Tax exemption limit.

But there is no indication of an increase in individual Income Tax limit. In contrast, there will be a change in the Income Tax exemption under 80C. Now the limit of savings under 80C is one lakh and the expected limit is Rs. 1.5 lakhs. Even though this doesn’t make a hue difference, it can benefit some employees.

Regarding the Income Tax, an individual can earn upto 1.5 lakhs without tax in a year. After that, 10% is deducted upto Rs.3 lakhs. 20% deducted from Rs.3 lakhs to Rs.5 lakhs and 30% is deducted from Rs.5 lakhs and above. For women, there is not tax upto Rs. 1.8 lakhs and for Senior Citizens, no tax upto Rs.2.25 lakhs.

Related Posts:
Standard deduction for salaried employees may return…!
Income Tax for Leave Travel Concession Amount and Encashment Leave Amount
An order has been published by Central Board of Direct Taxes
INCOME TAX 2008-09



Disclaimer:As and when orders amending the rules are published by the Government, the amendment orders will be published in our blog immediately. Readers are requested to refer to the source link is given at the end of the post. All efforts have been made to ensure accuracy of the content on this blog, the same should not be construed as a statement of law or used for any legal purposes. 90paisa accepts no responsibility in relation to the accuracy, completeness, usefulness or otherwise, of the contents. Users are advised to verify/check any information with the relevant department(s) and/or other source(s), and to obtain any appropriate professional advice before acting on the information provided in the blog. Links to other websites that have been included on this blog are provided for public convenience only. 90paisa is not responsible for the contents or reliability of linked websites and does not necessarily endorse the view expressed within them. We cannot guarantee the availability of such linked pages at all times.

Recent Posts