Exemption Limit for Individual Taxpayers Raised to Rs. 2 Lakh.

Exemption Limit for Individual Taxpayers Raised to Rs. 2 Lakh
Upper Limit of 20 Per Cent Tax Slab Raised to Rs. 10 Lakh
Deduction up to Rs. 10,000 Proposed for Savings Bank Interest
Senior Citizens not Having Income from Business Exempted from Payment of Advance Tax

   The exemption limit for the general category of individual taxpayers has been enhanced to Rs. 2,00,000 from Rs. 1,80,000 in the General Budget 2012-13, presented by the Union Finance Minister Shri Pranab Mukherjee in the LokSabha here today. This measure will provide tax relief uptoRs. 2,000 to every taxpayer in this category.
 
The Finance Minister, Shri Mukherjee introduced the DTC (Direct Taxes Code) rates for personal income tax, marking progress in the direction of movement towards DTC and GST (Goods and Services Tax).
 
            It has also been proposed to raise the upper limit of 20 per cent tax slab from Rs. 8 lakh to Rs. 10 lakh. The proposed personal income tax slabs are:

Income uptoRs. 2 lakh	NIL
Income above Rs. 2 lakh and uptoRs. 5 lakh	10 per cent
Income above Rs. 5 lakh and upto Rs.10 lakh	20 per cent
Income above Rs. 10 lakh	30 per cent

   In another relief to the individual taxpayers, a deduction of uptoRs. 10,000 has been proposed for interest from savings bank accounts. This would help a large number of small taxpayers with salary incomes uptoRs. 5 lakh and interest from savings bank accounts uptoRs. 10,000 as they would not be required to file income tax returns.
 
            It has also been proposed to allow deduction of Rs. 5,000 for preventive health check up.
 
            For senior citizens not having income from business, it has been proposed to exempt them from payment of advance tax.

Source: PIB

Railways Take Measures to Prevent Misuse of General and Tatkal Reserved Tickets.

 

The following steps have been taken Indian Railways to prevent the misuse of general and Tatkal reserved tickets:

1.    Revised Tatkal scheme has been implemented w.e.f. November 21, 2011 which necessitates passengers to indicate prescribed proof of identity at the time of booking and carry the same during the journey. Other measures under the scheme include non issuance of duplicate tickets, prohibition of booking Tatkal tickets by agents between 0800 hrs. and 1000 hrs. and not granting refunds on confirmed Tatkal tickets.

2.    With a view to preventing cases of travelling on transferred tickets, Indian Railways have made carrying one of the prescribed proofs of identity (in original) mandatory, during journey by AC-III tier, AC-II tier, AC Chair Car, Executive and 1st AC classes, by any one of the passengers travelling on a tickets.

The following are the prescribed proofs of identity:

    Voter Photo Identity Card issued by Election Commission of India

    Passport

    PAN card issued by Income Tax Department

    Driving Licence issued by RTO

    Photo Identity card having serial number issued by Central/State Government

    Student Identity Card with photograph issued by recognized school/college for their students.

    Nationalised Bank Passbook with photograph

    Credit Cards issued by Banks with laminated photograph.

    Unique Identification Card “Aadhaar”

   This information was given by the Minister of State for Railways Shri K. H. Muniyappa in written reply to a question in Lok Sabha Yesterday.

Source: PIB

Government finalising guidelines for Performance Related Incentive Scheme (PRIS) to Central Government Employees.

Appraisal of Performance of Civil Servants

   The Sixth Central Pay Commission has recommended the introduction of new performance based pecuniary benefit, over and above the regular salary, for Government employees. The benefit will be called Performance Related Incentive Scheme (PRIS) and will be payable taking into account the performance of the employees during the period under consideration. The recommendation has been accepted by the Government. Guidelines are being worked out through inter-departmental consultation.

   Rule 16(3) of the All India Services (DCRB) Rules, 1958has been amended on 31st January, 2012 which provides that the Central Government may in consultation with the State Government concerned, require a Member of the All India Service (AIS) to retire from Service in public interest, after giving such Member at least three month’s previous notice in writing or three month’s pay and allowances in lieu of such notice:-

   (i)    After the review when such Member completes 15 years of qualifying Services; or

   (ii)    After the review when such Member completes 25 years of qualifying Services; or

   (iii)    Attains the age of 50 years, as the case may be; or

   (iv)    If the review referred to in (i) or (ii) above has not been conducted, after the review at any other time as the Central Government deems fit in respect of such Member.

   So far as Central Government employees are concerned, Government in public interest may retire any Government Servant after he has attained the age of 50/55 years or after completion of 30 years service by giving him notice of not less than three months in writing or three months pay and allowances in lieu of such notice.

   This was stated by the Minister of State for Ministry of Personnel, Public Gruievances and Pensions and the Minister of State in the Prime Minister’s Office, Shri V. Narayanasamy in a written reply in Rajya Sabha today.