||Bonding ON with So called 'Intellectuals'|| CC #4 IO - Page 5

True...

Uma, interest rate reduction isnt coming in with budgets - that RBI will announce as and when...😛

NEW DELHI: Seeking to boost household savings, the government on Thursday hiked the exemption limit for investments by individuals in financial instruments to Rs 1.5 lakh.

Presently the investments and expenditures up to a combined limit of Rs 1 lakh get exemptions under Sections 80C, 80CC and 80CCC of the Income-Tax Act.

The announcement to hike tax savings limit was made by finance minister Arun Jaitley in his speech while presenting the Union Budget, 2014-15.

There have been demands from bankers and insurers to hike the tax exemption limit from Rs 1 lakh per annum to encourage household savings.

The savings rate has come down from over 38 per cent of GDP in 2008 to 30 per cent in 2012-13.

The hike in the exemption limit would provide much needed relief to the salary earners who are reeling under the impact of high inflation.

The Direct Taxes Code (DTC) too had recommended that the combined ceiling for investments and expenditures be raised to Rs 1.5 lakh per annum.

The financial instruments which enjoy exemption include life insurance premium, public provident fund, employees provident fund, National Savings Certificates, repayment of capital on home loan, equity linked saving schemes sold by mutual funds and bank FDs of five year maturity.

Originally posted by: Hiral_Halwa

Uma, interest rate reduction isnt coming in with budgets - that RBI will announce as and when...😛

yeah but there is tax planning there...u dont have to necessarily stay in the house...just that one cant let it out for rental income...so u show on paper that I have a house...but I work somewhere else and pay rent there...double benefit - get House rent allowance too and interest on loan too😛😉

btw I am indeed to going to watch HSKD on Sat 😆

ur welcome Appy, Ady😛

Originally posted by: blushing

btw I am indeed to going to watch HSKD on Sat 😆

my gang book tickets some are for VD some for Alloo...😛

I think I will watch for Sid 🤣 since rest are nt interested in him 😆

Hiri...typical CA...watching movie in 50 bucks...😎 Kanjoos kahin ki Tyypical Gujju 😆

waise I saw finding fanny trailer! it looks very nice - quirky😉 overall I love the humour - 😆 pink of health😆