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CHQ NEWS  10-7-2014

10-7-2014

FM hikes basic exemption,

80C limits

Investment limit in PPF increased to Rs 1.50 lakh from Rs 1 lakh

Though the tax announcements in the Union Budget 2014 was not in-line with the expectations, but theFinance Ministry Arun Jaitley did try to offer small perks on the personal taxation front.

The Finance Ministry hinted at a higher tax benefit limit for the

 investments qualifed under Section 80C by first increasing 

the investment limit for Public Provident Fund (PPF).

The investment limit in PPF was increased to Rs 1.50

 lakh from Rs 1 lakh now. And later Jaitley raised Section 

80C limit toRs 1.50 lakh. The expectation was that the 

80C limit be hiked  to Rs 2 lakh.

While the Finance Ministry did not change the tax slab rates,

 he did hike the basic exemption limit to Rs 2.50 lakh from

Rs 2 lakh for those aged below 60. He increased the basic

 exemption limit for senior citizens (those above the age of

60 years) to Rs 3 lakh from Rs 2.50 lakh now. At present,

the slab rates are as follows --- zero tax for up to Rs 2 lakh,

 10% for Rs 2-5 lakh, 20 per cen for Rs 5-10 lakh income

bracket and 30% for those above the Rs 10 lakh bracket.

Those with income above Rs 1 crore are levied a surcharge

of 10% on the slab rate of 30%, that is, an additional tax of

 3%. But there was no change in surcharge announced today.

There is a yet another category of income earners -

- very senior citizens ---- whose basic exemption limit

is Rs 5 lakh. There was no change annoucned

 even for this category.

The Finance Ministry made a positive announcement

 even for house owners. He said hiked the tax benefit

for interest repayment towards housing loans for a self

 occupied house to Rs 2 lakh annually from

Rs 1.50 lakh now. This is not applicable for

house owners who have let out their properties.

Experts say that those earning Rs 10 lakh will

 save Rs 5000 due to increse in basic exemption limit,

another Rs 15,000 due to hike in section 80C limit

and yet another Rs 15,000 with housing loan benefit..

.....[Courtesy: Business Standard]

  10-7-2014

 78.2% IDA: the file is moving
Com. Chhidu Singh reports from Delhi:

“Secretary, Telecom (Chairman, Telecom Commission) has approved the proposals

on 78.2% as we reported earlier. 

The file has today reached DDG (Estt.).  The replies to queries raised by

Department of Expenditure will be prepared based on the  proposals mentioned in the File.  

Then, Director will forward the reply to DoE.  It may take one or two days more.”