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Showing posts from November, 2015

INCOME TAX BITES

The following INCOME TAX RATES ARE applicable for the Financial Year ending March 31, 2016 (i.e. Financial Year 2015-16) - Assessment Year 2016-17)The basic exemption limit for individuals (i.e. below 60 years of age) is Rs 2.50 lakhsThe basic exemption limit for Senior citizens (60 years to below 80 years) is : Rs 3.00 lakhsThe basic exemption limit for Very Senior Citizens(80 years and above)  is Rs3.50 lakhs* A tax rebate of Rs 2,000 from tax calculated will be available for people having an annual income upto Rs 5 lakh.Section 80D - Deduction for Health  Insurance premium Rs. 25,000/-Investment in Sukanya Samriddhi Scheme- Eligible for deduction u/s 80C and any payment from the scheme shall not be liable to tax.Section 80DD - Maintenance, including medical treatment of a dependent who is a person with disability Rs. 75,000/-Section 80DD - Maintenance, including medical treatment of a dependent who is a person with severe disability - Rs. 1,25,000/-Section 80U - Person with disabil…

7th Central Pay Commission Notes

The  concept  of  separate  grade  pay  has been  done  away  with  and  the  grade  pay  at  all  levels  has  been  subsumed  into  the  pay  matrix. All  the  employees belonging  to  various  services  will  proceed  according  to  their  respective  service  conditions  by earning  increment  on  the  basis  of  merit Almost  the  whole lot  of  government  employees  appointed  on  after  01.01.2004  were  unhappy  with  the  new pension  scheme.  While  the  National  Pension  System  does  not  form  a  part  of  our  Terms  of Reference,  we  have  recorded  the  sentiments  of  the  affected  employees.  The  government  should take  a  call  and step in to look into their complaints.We  also  suggest  that  an  appropriate  body  may  be  created to  look  into  anomalies,  if  any  arising  out  of  the  implementation  of  the  recommendations  of  the Seventh  CPC.  The  body  so  created  may  be  in  position  for  a  period  of  six  months  at  least  so that  if  an…