Income tax exemption News
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It has also been provided that since the cash allowance of LTC fare is in lieu of deemed actual travel, the same shall be eligible for I-T exemption
To provide benefits to other employees, it has been decided to provide a similar I-T exemption for the payment of cash equivalent of LTC fare to the non-Central staff
Accordingly, the payment of cash allowance, subject to a maximum of Rs 36,000 per person as Deemed LTC fare per person (Round Trip) will be allowed
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The Narendra Modi government will take a decision on raising the income tax exemption limit at an appropriate time, Minister of State for Finance Anurag Singh Thakur said on Thursday.
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Niti Aayog on Thursday suggested the government should retain the income tax exemption threshold at Rs 2.50 lakh, and take steps to prevent non-farm entities from declaring their earnings as agri income.
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Finance Minister Arun Jaitley should double the basic income tax exemption limit to Rs 5 lakh per year and raise the ceiling for claiming deduction under Section 80C to Rs 2.50 lakh, according to a survey by tax consultant Deloitte.
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There is no constitutional or statutory prohibition on receipt of anonymous donations by political parties.
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Even the deposits of demonetised notes of Rs 500 and Rs 1,000 up to Rs 2.5 lakh are going to come under the scanner of tax authorities.
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Prime Minister Narendra Modi`s right-wing government will unveil its first full budget on Saturday, a day after announcing the time was ripe for long-awaited reforms to kickstart the economy.
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