NFIR has made a request to CBDT for Income Tax exemption limit for Running Staff in Railways was not considered fabourable by CBDT. NFIR reiterates its stand with supporting points highlighting that “kilometerage amount paid to Running staff includes T.A. component towards out of pocket expenses” to be exempted from IT.
Budget 2015 – Basic I-T exemption limit for individuals may go up to Rs 3 lakh and the investment limit for deduction under Section 80C may rise to Rs 2 lakh
Personal Income Tax Exemption Limit may be raised from Rs. 2 lakh to Rs. 5 lakh by New Government – CBDT to submit report on June 20th The newly formed Government has proposed to increase Personal Income Tax Exemption to Rs. 5 lakh which is presently Rs. 2 lakh for Tax paying individual irrespective of […]