room to give away tax revenues or raise tax rates in a constrained economy.
case to revise either the slabs or the rates of Personal Income Tax. Even a moderate
increase in the threshold exemption will put hundreds of thousands of Tax
Payers outside Tax Net.
relief for Tax Payers in the first bracket of `2 lakhs to ` 5 lakhs. A tax credit
of ` 2000 to every person with total income upto `5 lakhs.
- Surcharge of 10percent on persons (other than
companies) whose taxable income exceed ` 1 crore to augment revenues.
surcharge from 5 to 10 percent on domestic companies whose taxable income
exceed ` 10 crore.
case of foreign companies who pay a higher rate of corporate tax, surcharge to increase
from 2 to 5 percent, if the taxabale income exceeds ` 10 crore.
all other cases such as dividend distribution tax or tax on distributed income,
current surcharge increased from 5 to 10 percent.
surcharges to be in force for only one year.
cess to continue at 3 percent.
premium rate increased from 10 percent to 15 percent of the sum assured by
relaxing eligibility conditions of life insurance policies for persons suffering
from disability and certain ailments.
made to schemes of Central and State Governments similar to Central Government
Health Scheme, eligible for section 80D of the Income tax Act.
made to National Children Fund eligible for 100 percent deduction.
allowance at the rate of 15 percent to manufacturing companies that invest more
than ` 100 crore in plant and machinery during the period 1.4.2013 to
date’ for projects in the power sector to avail benefit under Section 80- IA
extended from 31.3.2013 to 31.3.2014.
rate of tax of 15 percent on dividend received by an Indian company from its
foreign subsidiary proposed to continue for one more year.
Trust to be exempted from Income Tax. Tax to be levied at specified rates only
at the time of distribution of income for companies, individual or HUF etc. No
further tax on income received by investors from the Trust.
Protection Fund of depositories exempt from Income-tax in some cases.
in taxation between IDF-Mutual Fund and IDF-NBFC.
Category I AIF set up as Venture capital fund allowed pass through status under
at the rate of 1 percent on the value of the transfer of immovable properties where
consideration exceeds ` 50 lakhs. Agricultural land to be exempted.
final withholding tax at the rate of 20 percent on profits distributed by
unlisted companies to shareholders through buyback of shares.
to increase the rate of tax on payments by way of royalty and fees for technical
services to non-residents from 10 percent to 25 percent.
made in rates of Securities Transaction Tax in respect of certain transaction.
to introduce Commodity Transaction Tax (CTT) in a limited way. Agricultural
commodities will be exempted.
provisions of GAAR will come into effect from 1.4.2016.
on Safe Harbour will be issued after examing the reports of the Rangachary Committee
appointed to look into tax matters relating to Development Centres & IT
Sector and Safe Harbour rules for a number of sectors.
large tax payer unit to open at Kolkata shortly.
- A number of administrative measures such as extension of refund banker system to refund more than ` 50,000, technology based processing, extension of e-payment through more banks and expansion in the scope of annual information returns by Income-tax Department.
Thursday, February 28, 2013
Wednesday, February 27, 2013
- IR enters the one billion tonne Select Club joining Chinese, Russian and US Railways;
- IR also joins Select Club running freight trains of more than 10000 tonne load;
- ‘Fuel Adjustment Component’ concept to be implemented linking tariffs with movement of fuel prices;
- Target of Rs 1000 crore each fixed for Rail Land Development Authority and IR Station Development Corporation to be raised through PPP in 2013-14;
- New fund – Debt Service Fund – to be set up to meet committed liabilities of debt servicing for WB and JICA loans for DFC and other future liabilities.
- Making a Corporate Safety Plan for a ten year period (2014-2024).
- Elimination of 10797 level crossings during the 12th Plan and no addition of new LCs to the IR system henceforth.
- Introduction of Train Protection Warning System on Automatic Signalling Systems.
- Rigorous trials of the indigenously developed Train Collision Avoidance System.
- Using 60 kg rails, 260 meter long welded rail panels and improved flash butt welding technology.
- Introduction of 160/200 kmph Self Propelled Accident Relief Trains.
- Induction of crash worthy LHB coaches with anti-climb feature.
- Rehabilitation of identified 17 distressed bridges over next one year.
- Provision of comprehensive fire and smoke detection systems.
- Provision of portable fire extinguishers in Guard-cum-Brake Vans, AC Coaches and Pantry Cars in all trains.
- Use of fire retardant furnishing materials in coaches.
- Measures initiated to deal with elephant related accidents.
- Four companies of women RPF personnel set up and another 8 to be set up to strengthen the security of rail passengers, especially women 2 passengers.
- Recruitment to RPF with 10% vacancies reserved for women.
- a new Forged Wheel Factory at Rae Bareli in collaboration with Rashtriya Ispat Nigam Limited.
- a Greenfield Mainline Electrical Multiple Units (MEMU) manufacturing facility at Bhilwara (Rajasthan) in collaboration with State Government and BHEL.
- a Coach Manufacturing Unit in Sonepat District (Haryana) in collaboration with State Government.
- a Midlife Rehabilitation Workshop at Kurnool (Andhra Pradesh) in collaboration with the State Government.
- Bikaner and Pratapgarh workshops to undertake POH of BG wagons.
- a workshop for repair and rehabilitation of motorized bogies at Misrod (Madhya Pradesh).
- a new wagon maintenance workshop in Kalahandi (Odisha).
- a modern signaling equipment facility at Chandigarh through PPP route
- Setting up of Railway Energy Management Company (REMC) to harness potential of solar and wind energy.
- Setting up of 75 MW capacity windmill plants and energizing 1000 level crossings with solar power.
- Deployment of new generation energy efficient electric locomotives and EMUs.
- More usage of agro-based and recycled paper and ban use of plastic in catering.
- Identification of 104 important stations for immediate attention to all
- aspects related to cleanliness.
- Progressive extension of bio-toilets on trains.
- Provision of concrete aprons on platforms with mechanized cleaning 3 facilities.
- Extension of On Board Housekeeping Scheme and Clean Train Stations to more stations and trains.
- Extension of Unreserved Ticketing System (UTS), Automatic Ticket Vending Machines (ATVMs), Coin-operated Ticket Vending Machines (CO-TVMs) and schme of Jan-Sadharan Ticket Booking Sevaks (JTBSs).
- Setting up of six more Rail Neer bottling plants at Vijayawada, Nagpur, Lalitpur, Bilaspur, Jaipur and Ahmedabad.
- Pilot project on select trains to facilitate passengers to contact on board staff through SMS/phone call/e-mail for coach cleanliness and real time feedback.
- 8-10 more mechanized laundries for quality washing of linen.
- Provision of announcement facility and electronic display boards in trains.
- Providing free Wi-Fi facilities on several trains.
- Upgrading another 60 stations as Adarsh Stations in addition to 980 already selected.
- Associate voluntary organizations for providing first aid services at railway stations.
- Introduction of an ‘Anubhuti’ coach in select trains to provide excellent ambience and latest facilities and services.
- 179 escalators and 400 lifts at A-1 and other major stations to be installed facilitating elderly and differently abled.
- Affixing Braille stickers with layout of coaches including toilets, provision of wheel chairs and battery operated vehicles at more stations and making coaches wheel-chair friendly.
- Some JTBS to be reserved for disabled people.
- Curbing malpractices in reserved tickets including tatkal scheme.
- Third party audit and tie up with food testing laboratories for food quality control; ISO certified state-of-the-art base kitchens to be set up in railway premises.
- Centralized Catering Services Monitoring Cell set up with a toll free number (1800 111 321)
- Launching multi-modal travel package in cooperation with Jammu & Kashmir state government.
- Issuing ‘Yatra Parchis’ to pilgrims travelling by rail to Mata Vaishno Devi Shrine at the time of railway ticket booking. 4
- Introduction of an educational tourist train with concessional fares - ‘Azadi Express’ – to connect places associated with freedom movement.
- Introduction of executive lounge at 7 more stations, namely, Bilaspur,
- Visakhapatnam, Patna, Nagpur, Agra, Jaipur and Bengaluru.
- Aadhar’ to be used for various passenger and staff related services.
- Internet ticketing from 0030 hours to 2330 hours.
- e-ticketing through mobile phones.
- Project of SMS alerts to passengers providing updates on reservation status.
- Covering larger number of trains under Real Time Information System.
- Next-Gen e-ticketing system to be rolled out capable of handling 7200 tickets per minute against 2000 now & 1.20 lakh users simultaneously against 40,000 now.
- Loading target revised to 1007 MT against 1025 MT in BE.
- Gross Traffic Receipts fixed at `1,25,680 cr in RE, short by `6,872 cr over Budget Estimates.
- Ordinary Working Expenses retained at BE level of `84,400 cr; pension payments increased by `1,500 cr to `20,000 cr.
- Dividend liability to government to be fully discharged.
- Excess’ of `10,409 cr as against the budget amount of `15,557 cr.
- Loan of `3,000 cr taken in 2011-12 fully repaid along with interest.
- Operating Ratio of 88.8% as compared to 94.9% in 2011-12.
- Freight loading of 1047 MT, 40 MT more than 2012-13.
- Passenger growth - 5.2%.
- Gross Traffic Receipts - `1,43,742 cr i.e. an increase of 18,062 cr over RE, 2012-13.
- Ordinary Working Expenses - `96,500 cr.
- Appropriation to DRF at `7,500 cr and to Pension Fund at `22,000 cr.
- Dividend payment estimated at `6,249 cr.
- Operating Ratio to be 87.8%.
- Fund Balances to exceed `12,000 cr. 5
- Highest ever plan outlay of `63363 cr.
- Gross Budgetary Support - `26,000 cr
- Railway Safety Fund - `2,000 cr
- Internal Resources - `14,260 cr.
- EBR - Market Borrowing - `15,103 cr;
- EBR - PPP - `6,000 cr.
- 500 km new lines, 750 km doubling, 450 km gauge conversion targeted in 2013-14.
- No supplementary Demands for Grants introduced in Monsoon Session or Winter Session of Parliament;
- Loan of `3,000 cr repaid fully;
- 347 projects prioritized with assured funding;
- Operationally important projects and also last mile projects to receive liberal funding;
- A new fund – Debt Service Fund – set up to meet committed liabilities;
- Stringent targets for efficiencies in maintenance of rolling stock and fuel consumption;
- Target to create fund balance of `30,000 cr in the terminal year of the 12th Plan.
- Fund allocation for staff quarters enhanced to Rs 300 cr.
- Provision of hostel facilities for single women railway employees at all divisional headquarters.
- Extending treatment facility in case of medical emergency to RELHS beneficiaries to all cities in hospitals empanelled with CGHS and Railways.
- Condition of barracks to be improved for RPF personnel.
- Provision of water closets and air conditioners in the locomotive cabs to avoid stress being faced by loco pilots.
- 1.52 lakh vacancies being filled up this year out of which 47000 vacancies have been earmarked for weaker sections and physically challenged.
- Imparting skills to the youth in railway related trades in 25 locations. 6
- Setting up of a multi-disciplinary training institute at Nagpur for training in rail related electronics technologies.
- Setting up of a centralized training institute at Secunderabad – Indian Railways Institute of Financial Management (IRIFM).
- Five fellowships in national universities to be instituted to motivate students to study and undertake research on IR related issues at M.Phil and Ph.D. levels.
- Setting up of a chair at TERI promoting railway related research to reduce carbon footprint.
- Railway Teams won 9 National Championships in 2012.
- Railway Sports Promotion Board awarded the ‘Rashtriya Khel Protsahan Puraskar – 2012’.
- Complimentary card passes to recipients of Rajiv Gandhi Khel Ratna & Dhyan Chand Awards to be valid for travel by 1st Class/2nd AC.
- Complimentary card passes to Olympic Medalists and Dronacharya Awardees for travel in Rajdhani/Shatabadi Trains.
- Travel by Duronto Trains permitted on all card passes issued to sportpersons having facility of travel by Rajdhani/Shatabadi Trains.
- Facility of complimentary card passes valid in 1st class/2nd AC extended to parents of posthumous unmarried awardees of Mahavir Chakra, Vir Chakra, Kirti Chakra, Shaurya Chakra, President’s Police Medal for Gallantry and Police Medal for Gallantry.
- Police Gallantry awardees to be granted one complimentary pass every year for travel along with one companion in 2nd AC in Rajdhani/Shatabadi Trains.
- Passes for freedom fighters to be renewed once in three years.
- 67 new Express trains to be introduced.
- 26 new passenger services, 8 DEMU services and 5 MEMU services to be introduced.
- Run of 57 trains to be extended.
- Frequency of 24 trains to be increased. 7
- Introduction of first AC EMU rake on Mumbai suburban network in 2013-14.
- Introduction of 72 additional services in Mumbai and 18 in Kolkata.
- Rake length increased from 9 cars to 12 cars for 80 services in Kolkata and 30 services in Chennai.
- Proposal for setting up of Railway Tariff Regulatory Authority formulated and at inter-ministerial consultation stage.
- Fuel Adjustment Component (FAC) linked revision for freight tariff to be implemented from 1st April 2013.
- Supplementary charges for super fast trains, reservation fee, clerkage charge, cancellation charge and tatkal charge marginally increased.
- Enhanced reservation fee abolished.
Wednesday, February 20, 2013
Monday, February 11, 2013
Thursday, February 7, 2013
Sunday, February 3, 2013
Saturday, February 2, 2013
Deduction is major question for salaried employees. Each employee wants to know that what type of deduction can be claimed by him to avoid deduction of Income Tax from his salaries. Keeping in view of these things all Deductions are framed below to watch the All deductions relating to Salaried Employees.
Assessee to whom allowed
Quantum of Deduction
Deduction in respect of contribution to certain pension funds
Max. Rs. 1,00,000
Deduction in respect of contribution to new pension scheme
Any employee or a self-employed person
In case of employees maximum 10% of salary and in case of self-employed persons 10% of Gross Total Income
Limit of deduction u/s. 80C,80CCC and 80CCD (only employees contribution to New Pension Scheme to be included for the limit of Rs. 1,00,000)
Individual or HUF
Max. Rs. 1,00,000
Deduction in respect of Long-Term infrastructure bonds.
Individuals or HUF
Max. Rs. 20,000. Removed w.e.f. F.Y. 2012-13
Deduction in respect of medical insurance premia w.e.f. A.Y. 2011-12 any contribution made to the Central Government Health Scheme (CGHS) shall also be eligible for deduction
Individual or HUF whether resident or non-resident.
In Case of Individuals
(i) For individual himself, spouse and dependent children Rs. 15,000
For parents of the individuals, whether dependent or not. RS. 15,000
In case of HUF Rs. 15,000
Note:- Addl. Rs. 5,000 if any of the above person insured is a senior citizen.
Deduction in respect of maintenance including medical treatment of person with physical disability.
Individual or HUF resident in India:
1) With disability
2) With severe disability.
Deduction in respect of medical treatment etc.
Individual or HUF resident in India
For senior citizen
Addl. Rs. 20,000
Deduction for interest paid on loan taken for pursuing his higher education or for the purpose of higher education of his relative. Higher education shall cover all post schooling courses.
“Relative” means the spouse and children of the individual.
Individual whether resident or not.
Actual amount paid.
80G/Rules 11AA & 18AAA
Deduction in respect of donations to certain funds, charitable institutions, etc.
(a) 100% or 50% of eligible donations, without applying qualifying limit in certain cases.
(b) 100% or 50% of eligible donations, after applying Qualifying limit of 10% of adjusted GTI.
80GG and Rule 11B
Deductions in respect of Rent Paid
Max. Rs. 2,000 p.m.
Deduction in respect of certain donations for scientific research or rural development, etc. w.e.f A.Y. 2011-12 donations to any research association will be eligible for deduction.
All assesses no having business income.
100% of sum donated.
Deduction in respect of contribution to political parties/Electoral Trust
All assesses (except local authority and artificial judicial person)
100% of sum contributed.
Deduction in respect of royalty income, etc. of authors of certain books other than text books.
Individuals who are residents in India and are authors.
Actual income or Rs. 3,00,000 whichever is less.
Deduction in respect of royalty on patents.
Individual who is resident in India and is a patentee.
100% of such income or Rs. 3,00,000 whichever is less.
Deduction in the case of permanent physical disability (including blindness)
Rs. 50,000 in case of a per with disability.
Rs. 1,00,000 in case of a person with a severe disability.