Government should hike tax-exempted savings limit to Rs 2.5 lakh from Rs 1.5 lakh at present, and re-introduce standard deductions for salaried employees to boost consumption, industry body Assocham has said."As Finance Minister Arun Jaitley begins engagements with stakeholders for the ensuing Budget for 2016-17, Assocham has recommended to the government to increase the deduction for long term savings to Rs 2.5 lakh (from Rs 1.5 lakh). And re-introduce the concept of standard deductions for salaried employees who can then give a boost to consumption demand and boost economic growth," Assocham said in a release.Besides, Assocham has also pitched for revision of the deduction of interest on
Read MoreFinance Minister while presenting the Budget speech has clearly stated that there will not be any Income Tax to the on Income up to Rs 5 lakh, but when Finance Bills came on the records it clear the myth spread on the news media and other websites. As per the Clause 8 of the Bill seeks to amend section 87A of the Income-tax Act to
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Read MoreIn a few months time, the accounts department of your organisation will seek proof of your income-tax saving investments under Section 80C and other deductions. PPF (public provident fund), ULIP (Unit Linked Insurance Plan), ELSS mutual funds (Equity Linked Savings Schemes), National Savings Certificate (NSC), 5-year bank fixed deposits (FDs) and
Read MoreNew Delhi: The Income Tax Department today launched and activated all the seven ITR forms for e-filing by taxpayers, after more than a month of them being notified. “All ITRs for AY 2018-19 are now available for e-filing,” the department said in a statement.The Central Board of Direct Taxes had notified the new Income Tax Return
Read MoreThe National Pension System is set to provide a whole new range of choices to its subscribers including option to invest in instruments such as private equity and venture capital funds, real estate investment trusts as well as a higher exposure of up to 75 per cent to equities.The pension regulator — Pension Fund Regulatory and Development
Read Moreक्या 8वें वेतन आयोग में DA और DR पर कोई प्रभाव पड़ेगा, जानिए
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