Tuesday, June 17, 2014

Raise Income Tax Exemption Slab to Rs. 5 Lakhs: NC JCM Staff Side

A letter has been written to the Finance Minister presenting the demand to raise the income tax exemption slab.

Mr. Siva Gopal Mishra, the Secretary of the National Council JCM Staff Side, has sent a letter regarding income tax exemption.

 In the letter to the Finance Minister Arun Jaitley, it was suggested that the income tax limits be raised to Rs. 5 Lakhs for individuals, Rs. 7 Lakhs for senior citizens, and Rs. 10 Lakhs for super-senior citizens. 

A request has also been presented to exempt all the allowances from income tax. The letter refers to the recommendations made by the 5th Pay Commission in order to explain its demands.

The letter specially stresses for the exemption of Fixed Medical Allowance granted to pensioners be exempted from Income Tax.