Senior citizen’s income tax exemption limit increased by Rs.15,000

September 18th, 2009 MUMBAI - Mumbai police on Friday launched a website for senior citizens to ensure their welfare in the backdrop of increasing crime rate against them. The website titled 'Hamari Suraksha' was launched by Police Commissioner of Mumbai, D.

July 27th, 2009 NEW DELHI - Finance Minister Pranab Mukherjee Monday had a ready answer to the remarks by opposition leader Jaswant Singh last week that the income tax exemption in the budget was not enough to even buy a bottle of whiskey. "He should give up (whiskey) if he has not already given it up," Mukherjee told the Lok Sabha, the lower house of parliament, responding to Singh's remarks during the debate on the Finance Bill.

July 6th, 2009 NEW DELHI - Finance Minister Pranab Mukherjee Monday proposed to increase the income tax exemption limit for senior citizens by Rs.15,000, for women and others by Rs.10,000 each, while keeping the corporate tax rate unchanged. The exemption limit will now be Rs.240,000 for senior citizens, Rs.190,000 for women and Rs.160,000 for others.

July 6th, 2009 NEW DELHI - Promising to halve poverty by 2014 and add 12 million jobs each year, Finance Minister Pranab Mukherjee presented India's budget for this fiscal that hikes income tax exemption limit and steps up allocations for welfare schemes and infrastructure, while assuring high growth for the $1.2 trillion economy once again. The income tax exemption limit for senior citizens was sought to be hiked by Rs.15,000, while that for women and others was stepped by Rs.10,000.

July 6th, 2009 NEW DELHI - Donations to electoral trusts will be allowed a 100 percent deduction from the income of the donor for income tax purposes, Finance Minister Pranab Mukherjee announced here Monday in the union budget for 2009-10. The house will agree that it is desirable to bring about transparency in the funding of political parties in the country, Mukherjee said in his budget speech.

July 6th, 2009 NEW DELHI/BANGALORE - Students and young professionals Monday hailed Finance Minister Pranab Mukherjee's 'aam admi' focus of the union budget with many rejoicing over tax sops and interest subsidy in education loans. "Tax exemption is definitely the best news as far as I am concerned.

July 6th, 2009 NEW DELHI - Highlights of the union budget for the current fiscal presented by Finance Minister Pranab Mukherjee in the Lok Sabha Monday: - Fiscal deficit estimated at 6.8 percent of GDP - National Housing Bank to get Rs.2,000 crore for rural housing funds - Higher education outlay increased by Rs.2,000 crore over interim budget - Geological Survey of India, Botanical and Zoological Survey of India to get Rs.15 crore each. - National River programmes to get Rs.562 crore, up from Rs.335 crore earlier - Rs.1,000 crore for reconstruction activities in the Aila-hit areas in West Bengal - An additional amount of Rs.430 crore allocated to modernise police machinery in states - Rs.190 crore budgetary support for civil aviation - One handloom mega cluster each will be set up in West bengal and Tamil Nadu - One powerloom mega cluster in Rajasthan - At least 50 percent of the total rural women to be brought under the self-help group (SHG) network - Banking network to be expanded to "unbankable" areas -Expert group to be set up to advice on petroleum and diesel prices - No change in corporate tax rate -Centralised processing centre at Bangalore to streamline taxation - Income tax exemption limit for senior citizens increased by Rs.15,000, for women and others by 10,000 each - New indirect tax will be introduced in 45 days - Fringe benefit tax abolished - Duties on life saving drugs reduced - Excise duty on petrol-driven trucks reduced - Goods and services tax (GST) will be introduced April 1, 2010 - An alternative dispute settlement mechanism to be set up to settle tax disputes - Lawyers brought under the ambit of service tax - Tax exemption on profits in the natural gas sector extended - Customs duty on LCD TVs reduced to 5 percent from 10 percent - Five percent customs tax imposed on set-top boxes - Rs.500 crore for the rehabilitation of displaced Sri Lankan Tamils and reconstruction activities in that country - Aligarh Muslim University off-campus centres to be set up in Murshidabad in West Bengal and Malappuram in Kerala - Allocation for the minority affairs ministry raised to Rs.1,740 crore - Plan expenditure up 34 percent, non-plan spend up 37 percent - Total spending increased to Rs.10.2 lakh crore - Rs.420 crore for new IITs and NITs - Commonwealth Games allocated Rs.3,472 crore - National unique identification numbers to start rolling out in 12-18 months - Paramilitary forces such as CRPF to get 100,000 homes - Banking services in under-banked areas to be increased, scheme allocated Rs.100 crore - Agriculture debt waiver extended by six months - Outlay for national rural health mission increased by Rs.2,057 crore from the Rs.12,070 crore provided in the interim budget - Allocation towards National Rural Employment Guarantee Act increased by Rs.39,100 crore - Allocation for Bharat Nirman scheme increased by 45 percent - Rs.20,000 crore for rural housing - Rural electrification scheme to get Rs.7,000 crore more - Tax department to work on early introduction of Saral 2 forms - Stimulus for print media extended from June 13 to Dec 31 - Rs.1,000 crore to accelerate irrigation projects - Agriculture development fund increased from Rs.2.87 lakh crore to Rs.3.25 lakh crore - Market development assistance scheme for exporters increased by 148 percent to Rs.124 crore - Pre-shipment interest subvention set at 2 percent for textile exporters - Sufficient funds for infrastructure development - Allocation for national highways development stepped up by 23 percent - Allocation for urban poor schemes to be raised to Rs.39,730 crore - LNG infrastructure to be expanded - Allocation for Jawaharlal Nehru Urban Renewal Mission raised by 87 percent to Rs.12,887 crore

July 6th, 2009 NEW DELHI - Tax-paying individuals stand to benefit this fiscal. Finance Minister Pranab Mukherjee has eased their tax burden and provided relief for specific groups of people such as senior citizens, physically handicapped and women.

July 6th, 2009 NEW DELHI - In keeping with the United Progressive Alliance (UPA) government's inclusive growth mantra, Finance Minister Pranab Mukherjee Monday announced a slew of schemes for the aam aadmi (common man). The major measures announced in his union budget for 2009-10 are: - Allocation towards National Rural Employment Guarantee Act increased by Rs.39,100 crore - Agriculture debt waiver extended by six months - Outlay for national rural health mission increased by Rs.2,057 crore from the Rs.12,070 crore provided in the interim budget - Allocation for Bharat Nirman scheme increased by 45 percent - Rs.20,000 crore for rural housing - Rural electrification scheme to get Rs.7,000 crore more - Agriculture development fund increased from Rs.2.87 lakh crore to Rs.3.25 lakh crore - Allocation for urban poor schemes to be raised to Rs.39,730 crore - LNG infrastructure to be expanded - National Housing Bank to get Rs.2,000 crore for rural housing funds - Higher education outlay increased by Rs.2,000 crore over interim budget - Income tax exemption limit for senior citizens increased by Rs.15,000, for women and others by 10,000 each - Duties on life saving drugs reduced - Allocation for the minority affairs ministry raised to Rs.1,740 crore - Banking services in under-banked areas to be increased, scheme allocated Rs.100 crore - Rs.1,000 crore to accelerate irrigation projects - Allocation for Jawaharlal Nehru National Urban Renewal Mission raised by 87 percent to Rs.12,887 crore

July 6th, 2009 NEW DELHI - Highlights of the union budget for the current fiscal presented by Finance Minister Pranab Mukherjee in the Lok Sabha Monday: - No change in corporate tax rate - Income tax exemption limit for senior citizens increased by Rs.15,000, for women and others by 10,000 each - New indirect tax will be introduced in 45 days - Fringe benefit tax abolished - Goods and services tax (GST) will be introduced April 1, 2010 - An alternative dispute settlement mechanism to be set up to settle tax disputes - Lawyers brought under the ambit of service tax - Tax exemption on profits in the natural gas sector extended - Customs duty on LCD TVs reduced to 5 percent from 10 percent - Five percent customs tax imposed on set-top boxes - Rs.500 crore for the rehabilitation of displaced Sri Lankan Tamils and reconstruction activities in that country - Aligarh Muslim University campuses to be set up in Murshidabad in West Bengal and Malappuram in Kerala - Allocation for the minority affairs ministry raised to Rs.1,740 - Plan expenditure up 34 percent, non-plan spend up 37 percent - Total spending increased to Rs.10.2 lakh crore - Rs.420 crore for new IITs and NITs - Commonwealth Games allocated Rs.3,472 crore - National unique identification numbers to start rolling out in 12-18 months - Paramilitary forces such as CRPF to get 100,000 homes - Banking services in under-banked areas to be increased, scheme allocated Rs.100 crore - Agriculture debt waiver extended by six months - Outlay for national rural health mission increased by Rs.2,057 crore from the Rs.12,070 crore provided in the interim budget - Allocation towards National Rural Employment Guarantee Act increased by Rs.39,100 crore - Allocation for Bharat Nirman scheme increased by 45 percent - Rs.20,000 crore for rural housing - Rural electrification scheme to get Rs.7,000 crore more - Tax department to work on early introduction of Saral 2 forms - Stimulus for print media extended from June 13 to Dec 31 - Rs.1,000 crore to accelerate irrigation projects - Agriculture development fund increased from Rs.2.87 lakh crore to Rs.3.25 lakh crore - Market development assistance scheme for exporters increased by 148 percent to Rs.124 crore - Pre-shipment interest subvention set at 2 percent for textile exporters - Sufficient funds for infrastructure development - Allocation for national highways development stepped up by 23 percent - Allocation for urban poor schemes to be raised to Rs.39,730 crore - LNG infrastructure to be expanded - Allocation for Jawaharlal Nehru Urban Renewal Mission raised by 87 percent to Rs.12,887 crore

June 17th, 2009 NEW DELHI - Federation of Indian Chamber of Commerce and Industry (FICCI) has called for cheap export credit and income tax exemption for export earnings for Indias garments exporters. At a meeting with Textiles Minister Dayanidhi Maran Wednesday, FICCI advocated credit for exporters at an interest rate of 7 percent, 100 percent exemption on income tax for export earnings for three years, initiation of skill development programmes, and reimbursement of duties to exporters.

May 6th, 2009 NEW DELHI - Bharatiya Janata Party (BJP) prime ministerial candidate L.K. Advani Wednesday assured the government employees to meet their legitimate demands if voted to power, and appealed to them to vote for the party candidates.

April 26th, 2009 AHMEDABAD - Prime Minister Manmohan Singh Sunday took a dig at the Bharatiya Janata Party government in Gujarat for taking credit for the state's economic development, and said Gujarat had been considered well developed even before the BJP came to power. 'There is no need for the BJP to keep talking in public forums about Gujarat's development during its rule as the state was considered developed well before the party came to power in Gujarat,' Manmohan Singh told an election rally at the Sankar Kendra in Paldi area here.

April 3rd, 2009 NEW DELHI - The Bharatiya Janata Party (BJP) on Friday released its party's manifesto for the upcoming Lok Sabha elections. For Below Poverty Line (BPL) families, the party has promised to give 35 kg rice per month at Rs two per kg and wheat at Rs 3.5 per kg.

April 3rd, 2009 NEW DELHI - The Bharatiya Janata Party (BJP) on Friday released its party's manifesto for the upcoming Lok Sabha elections. For Below Poverty Line (BPL) families, the party has promised to give 35 kg rice per month at Rs two per kg and wheat at Rs 3.5 per kg.