(There are interesting worth reading comments posted by the readers in the previou post.i.e. SPECULATIONS BECOME REALITY, especially on May 28, 2014 at 8:35 PM and at 8.53 PM. Thanks for valuable contribution. NOW LET US TAKE DIVERSION.)
Let us greet and warm welcome Mr. Arun Jaitly on his assumption of charge as Finance Minister.
Who is Arun Jaitly?
Arun Jaitley (born 28 December 1952) is
currently the Minister of Finance and the Minister of Defence of the Union cabinet
of India in the 16th Lok Sabha. He is a member of the Bharatiya
Janata Party (BJP). He has also previously held the portfolios
as the Union cabinet Minister for Commerce and Industry, Law and Justice in the National Democratic Alliance government
(1998-2004). In the2014 general election, he unsuccessfully
contested as Bharatiya
Janata Party's candidate for Amritsar, where he was defeated byIndian National Congress candidate,
Captain Amarinder Singh.
Personal
life : He
was born to Maharaj Kishen Jaitley and Ratan Prabha Jaitley. Born into
a Punjabi Hindu Brahmin family to a lawyer
fatherhe studied at St. Xavier's School, New Delhi from 1957-69. He
graduated in Commerce from Shri Ram College of Commerce, New Delhi in 1973. He
passed his Law degree from the University
of Delhi, in 1977. During his career as a student, he was
the recipient of several distinctions for his outstanding performances both in
academic and extra curricular activities. He was President of theStudents Union of Delhi University in 1974. Jaitley
has been married to Sangeeta Jaitley since 24 May 1982. They have two children,
a son named Rohan and a daughter named Sonali.
courtesy: Wikepedia.
Will Jaitley be able to raise I-T exemption limit to Rs 5L?
Less than a month before the NDA won the elections with a thumping majority, Arun Jaitley had suggested that the Income Tax exemption limit should be raised to Rs 5 lakh from Rs 2 lakh currently.
There is no doubt that newly-appointed Finance Minister Arun Jaitley has a long list of problems to fix, inflation and fiscal deficit being the biggest headaches among them. There could also be a self-inflicted problem.
This is what he was quoted as saying in a Press Trust of India report dated April 21. Also Read: Jaitley the key man: Gets finance, defence & corp affairs "Direct Tax should be reduced. The Income-Tax limit has to be raised from Rs 2 lakh to Rs 5 lakh. The savings in the pockets of ordinary person by reducing ceiling on Income Tax will lead to increased purchase which in turn will lead to increased VAT and excise duty thereby increasing the revenue."
Now that he has become Finance Minister, Jaitley has a golden chance to convert his words into deeds and become a hero for the middle class. Interestingly, the BJP election manifesto of 2009 spoke about raising the I-T exemption limit to Rs 3 lakh, and an additional exemption of Rs 50,000 for women and senior citizens.
The party's 2014 manifesto did not mention I-T exemption anywhere. Considering that less than 4 percent of the country's population pays personal income tax, raising the exemption limit could cost the new government a good chunk of direct tax revenues at a time when it is struggling to balance its books.
In his election campaigns, Narendra Modi had repeatedly said that rationalizing taxes would be among the key priorities of his party if it were to come to power.
The July Budget may be too early for the government to introduce radical tax reforms. But given the high expectations that the industry and individuals have from Modi & Team, the Finance Minister will be counted upon to make a convincing start.
Courtesy: Moneycontrol.
1 comment:
I am gangadhar jha posted as Steno Gr.-II( earlier Gr-III) from july, 2009 in the income tax deptt. (Bihar reign). a memorendom came in CCIT(CCA) patna on 2011 wherein it was clear that in the light of 6th CPC steno cadre reviewed and consequentially steno Gr.-I an Gr-II have been merged and placed as Steno- Gr-I in PB-2 (pay band-9300-34800) with G.P-4200 also Steno Gr-III re-designated as Steno Gr-II without any financial benefit and had kept in PB-I with G.P-2400.according to existing Rule having G.P 4200 there is need 5 years continuous service in G.P-2400. there are some official in G.p-2400 who have completed 7 years in this reign but no DPC has been done form them. In this regin no DPC has been made for Steno Gr-II ( earlier Gr-III) with G.P-2400 from 2010-11 whereas DPC for all other cadre are being conduct regularly. It completely shocked the official. When inquiry made from administration,it was compliance from administration that no clarification has come from CBDT for Steno Gr-II( earlier Gr_III). we all are seeing that all other reign like Kolkata, Bhopal, Chandigarh, Lucknow, Delhi etc. has conducted DPC for Steno Gr-II(earlier Gr-III) but CCIT(CCA), Patna is waiting for calrification for a long time. what types of calrification will come from your end we are unable to understand. The administration is keeping stenographers life in dark. If really any clarification has to come from your end then kindly sent at the earliest because as per the board instruction issued dt.27.05.2014 DPC for all cadre is going on except Steno Gr-II( earlier Gr.-III). we can't wait long time and also can't believe in administration. we will have only way to file petition at CAT for injustice. Thank you.
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