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

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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

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

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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.

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INCOME TAX 2008-09

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