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Tag: Budget 2018

Employees Thanked PM for Tax Benefit On Rs 40 K

[New Delhi] Employees Thanks PM for Tax Benefit On Rs 40 K
Employees Today thank Prime Minister for allowing standard deduction of Rs 40,000
A delegation of officials of Department of Personnel and Training (DoPT), called on the MoS PMO, Personnel, Public Grievances & Pensions, Dr Jitendra Singh here today. The officials thanked the Government led by Prime Minister Narendra Modi for incorporating their issues in the Union Budget presented by Finance Minister Shri Arun Jaitley yesterday.
The delegation was led by the DoPT Secretary Shri Ajay Mittal. The members thanked the Government for allowing them a Standard Deduction of Rs 40,000 p.a. for salaried individuals on income tax in lieu of the existing transport allowance and reimbursement of medical expenses.
They also thanked the Government for taking various other welfare measures for the employees in the last three years.
He said that this has been taken care of by exemption of the interest on bank account from income tax up to Rs.50,000, enhancement of the health insurance amount up to Rs.50,000 and hike in medical expenditure. The budget is common man friendly and addresses issues of all sections,

Sidhu Shows Big Disappointment On His Guru’s Budget

[Chd,Pb] Sidhu Shows Big Disappointment On His Guru’s Budget
Interacting with the media-persons on the sidelines of the Law fest, Panipat University
NavJot Singh Sidhu termed the Union Budget presented today as a big disappointment for the common man and called it anti-people.
He said that the increase in the Minimum Support Price (MSP) for crops should be in proportion to the increase in oil prices.
He further said that during the past decades the prices of oil have increased four fold while the MSP has hardly increased two fold. On the issue of stubble burning the minister made a strong case for bringing the farmers not indulging in burning of paddy stubble under the MGNREGA scheme and thus incentivizing them. Sidhu also batted wholeheartedly for a separate budget for the youth as the country has 60 percent youth population which calls for giving prime importance to their needs and aspirations.
The Punjab Cabinet minister also reacted strongly to the statement made recently by the Prime Minister Narendra Modi that even those selling ‘Pakoras’ on the roadsides should be considered effectively employed and said that the pathetic economic condition of the people indulging in this vocation is known to all and their lot must be ameliorated through some sound financial planning giving them the pivotal attention.

Budget Consoles Salaried & Pensioner Tax Payers

[New Delhi]Budget Consoles Salaried & Pensioner Tax Payers
Small Relief is provided to salaried and senior citizen taxpayers
Salaried are allowed standard deduction of Rs 40,000 in lieu of present exemptions
Whereas Senior Citizens are allowed exemption of interest income on deposits with a increased from Rs. 10,000/- to Rs. 50,000/-
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 standard deduction of Rs. 40,000/- in lieu of the present exemption in respect of
transport allowance and
reimbursement of miscellaneous medical expenses. However, the transport allowance at enhanced rate shall continue to be available to differently-abled persons. Also, other medical reimbursement benefits in case of hospitalisation etc., for all employees shall continue.
Presenting the General Budget 2018-19 in the Parliament here today, the Finance Minister said, “Standard deduction shall significantly benefit the pensioners also, who normally do not enjoy any allowance on account of transport and medical expenses. The revenue cost of this decision is approximately Rs.8,000 crores. The total number of salaried employees and pensioners who will benefit from this decision is around 2.5 crores.”
Finance Minister said that the exemption of interest income on deposits with banks and post offices to be increased from Rs. 10,000/- to Rs. 50,000/- and TDS shall not be required to be deducted on such income, under section 194A.
This benefit shall be available also for interest from all fixed deposits schemes and recurring deposit schemes.
The Finance Minister also announced raising the limit of deduction for health insurance premium and/ or medical expenditure from Rs. 30,000/- to Rs. 50,000/-, under section 80D. All senior citizens will now be able to claim benefit of deduction up to Rs. 50,000/- per annum in respect of any health insurance premium and/or any general medical expenditure incurred.
Further, the Finance Minister proposed raising the limit of deduction for medical expenditure in respect of certain critical illness from Rs. 60,000/- in case of senior citizens and from Rs. 80,000/- in case of very senior citizens, to Rs. 1 lakh in respect of all senior citizens, under section 80DDB.
These concessions will give extra tax benefit of Rs. 4,000 crores to senior citizens.

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