Relief to salaried taxpayers: standard deduction of Rs 40,000 allowed in lieu of present exemptions 2.5 Crores salaried employees and pensioners to benefit Differently-Abled will continue to get transport allowance at enhanced rate In order to provide relief to salaried taxpayer, the Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley, proposed to allow a … [Read more...]
Relief to Senior Citizens: Exemption of Interest Income on deposits increased to Rs 50,000
Relief to Senior Citizens: Exemption of Interest Income on deposits increased to Rs 50,000 Pradhan Mantri Vaya Vandana Yojana extended up to March 2020 Existed limit on investment under PMVVY enhanced to Rs 15 lakhs With the objective of providing a dignified life to senior citizens, the Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley, announced … [Read more...]
Highlights of Budget 2018-19
Highlights of Budget 2018-19 Finance Minister Shri Arun Jaitley presents general Budget 2018-19 in Parliament. Budget guided by mission to strengthen agriculture, rural development, health, education, employment, MSME and infrastructure sectors Government says, a series of structural reforms will propel India among the fastest growing economies of the world. … [Read more...]
Cabinet approves merger of rail budget with general budget
Cabinet approves merger of rail budget with general budget; advancement of budget presentation and merger of plan and non-plan classification in budget and accounts The Union Cabinet has approved the proposals of Ministry of Finance on certain landmark budgetary reforms relating to (i) the merger of Railway budget with the General budget, (ii) the advancement of the date of … [Read more...]
Budget 2013-14 – Additional Deduction of Interest upto Rs.1 Lakh on Home Loan for First Home Buyer
The Finance Bill 2013-14 proposes additional tax benefit to the first – home buyer who takes a loan for an amount not exceeding Rs.25 lakh. Presenting the Union Budget in the Lok Sabha today, the Finance Minister Shri P.Chidambaram proposed that a person taking a loan for his first home from a bank or a housing finance corporation upto Rs.25 lakh during the period 1.4.2013 to 3 … [Read more...]