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Income Tax 2017-18 (Assessment Year 2018-19) – Tax Structure, Exemption and Deductions

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Indian Military Veterans


Income Tax 2017-18 (Assessment Year 2018-19) – Income Tax Structure, Exemption and Deductions available to Personal Income Tax Payers

PART I: Income Tax Slab for Individual Tax Payers & HUF (Other than Senior Citizens)

INCOME SLABTAX RATE
Income up to Rs 2,50,000*No tax
Income from Rs 2,50,000 – Rs 5,00,0005%
Income from Rs 5,00,000 – 10,00,00020%
Income more than Rs 10,00,00030%
Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh up to Rs.1 crore.
Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.
Cess: 3% on total of income tax + surcharge.
*Income tax exemption limit for FY 2017-18 is up to Rs. 2,50,000 for individual & HUF other than those covered in Part(II) or (III)
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PART II: Income Tax Slab for Senior Citizens (60 Years Old Or More but Less than 80 Years Old)(Both Men & Women)

INCOME SLABTAX RATE
Income up to Rs 3,00,000*No tax
Income from Rs 3,00,000 – Rs 5,00,0005%
Income from Rs 5,00,000 – 10,00,00020%
Income more than Rs 10,00,00030%
Surcharge: 10% of income tax, where total income exceeds Rs.50 lakh upto Rs.1 crore.
Surcharge: 15% of income tax, where the total income exceeds Rs.1 crore.
Cess: 3% on total of income tax + surcharge.
*Income tax exemption limit for FY 2017-1 is up to Rs. 3,00,000 other than those covered in Part(I) or (III)

PART III: Income Tax Slab for Senior Citizens(80 Years Old Or More) (Both Men & Women)

INCOME SLABTAX RATE
Income up to Rs 2,50,000*No tax
Income up to Rs 5,00,000*No tax
Income from Rs 5,00,000 – 10,00,00020%
Income more than Rs 10,00,00030%
Surcharge: 15% of income tax, where total income exceeds Rs.1 crore.
Cess: 3% on total of income tax + surcharge.
*Income tax exemption limit for FY 2017-18 is up to Rs. 5,00,000 other than those covered in Part(I) or (II)
There is also a tax rebate of up to Rs.2,500 for a taxable income up to Rs. 3.5 lakhs.

Deductions available under Chapter VI A (Section 80)

SECTIONDEDUCTION ONFY 2016-17
Section 80C
  • Investment in PPF
  • Employee’s share of PF contribution
  • NSCs
  • Life Insurance Premium payment
  • Children’s Tuition Fee
  • Principal Repayment of home loan
  • Investment in Sukanya Samridhi Account
  • ULIPS
  • ELSS
  • Sum paid to purchase deferred annuity
  • Five year deposit scheme
  • Senior Citizens savings scheme
  • Subscription to notified securities/notified deposits scheme
  • Contribution to notified Pension Fund set up by Mutual Fund or UTI.
  • Subscription to Home Loan Account Scheme of the National Housing Bank
  • Subscription to deposit scheme of a public sector or company engaged in providing housing finance
  • Contribution to notified annuity Plan of LIC
  • Subscription to equity shares/ debentures of an approved eligible issue
  • Subscription to notified bonds of NABARD
Rs. 1,50,000
80CCFor amount deposited in annuity plan of LIC or any other insurer for pension from a fund referred to in Section 10(23AAB).
80CCD(1)Employee’s contribution to NPS account (maximum up to Rs 1,50,000)
80CCD(2)Employer’s contribution to NPS accountMaximum up to 10% of salary
80CCD(1B)Additional contribution to NPSRs. 50,000
80TTA(1)Interest Income from Savings accountMaximum up to 10,000
80GGFor rent paid when HRA is not received from employerLeast of rent paid minus 10% of total income Rs. 5000/- per month 25% of total income
80EInterest on education loanInterest paid for a period of 8 years
80EEInterest on home loan for first time home ownersRs 50,000
80CCGRajiv Gandhi Equity Scheme for investments in EquitiesLower of – 50% of amount invested in equity shares or Rs 25,000
80DMedical Insurance – Self, spouse, children
Medical Insurance – Parents more than 60 years old or (from FY 2015-16) uninsured parents more than 80 years old
Rs. 25,000
Rs. 30,000
80DDMedical treatment for handicapped dependant or payment to specified scheme for maintenance of handicapped dependant
  • Disability is 40% or more but less than 80%
  • Disability is 80% or more
    • Rs. 75,000
  • Rs. 1,25,000
80DDBMedical Expenditure on Self or Dependent Relative for diseases specified in Rule 11DD
  • For less than 60 years old
  • For more than 60 years old
  • For more than 80 years old
  • Lower of Rs 40,000 or the amount actually paid
  • Lower of Rs 60,000 or the amount actually paid
  • Lower of Rs 80,000 or the amount actually paid
80USelf suffering from disability:
  • Individual suffering from a physical disability (including blindness) or mental retardation.
  • Individual suffering from severe disability
    • Rs. 75,000
  • Rs. 1,25,000
80GGBContribution by companies to political partiesAmount contributed (not allowed in cash)
80GGCContribution by individuals to political partiesAmount contributed (not allowed in cash)
80RRBDeductions on Income by way of Royalty of a PatentLower of Rs 3,00,000 or income received

Income or loss on House Property – Section 24 of Income Tax Act 2017 (Income Tax Exemption on interest paid on Housing Loan)

Consequent upon enactment of Finance Act 2017, the maximu limit of interest paid house property has been capped at Rs.2 lakh, whether or not the house is self occupied or rented out. Earlier if the house property is Rented out, there was no maximum limit in deducting interest paid on housing loan from the income of the tax payer.

List of Exempted Income under Section 10 of Income Tax Act (Subject to certain conditions

  1. Agriculture Income [Section 10(1)]
  2. Perquisites and Allowances paid by Government to its Employees serving outside India [Section 10(7)]
  3. Gratuity [Section 10(10)]
  4. Commuted value of pension received [Section 10(I0A)]
  5. Amount received as leave encashment on retirement [Section 10(10AA)]
  6. Retrenchment compensation paid to workmen [Section 10(10B)]
  7. Retirement Compensation from a Public Sector Company or any other Company [Section 10 (10C)]
  8. Income by way of tax on perks [Section 10(10CC)]
  9. Any sum received under a life insurance policy [Section 10(10D)]
  10. Payment from Statutory Provident Fund [Section 10(11)]
  11. Payment from Recognised Fund [Section 10(12)]
  12. Payment from Superannuation Fund [Section 10(13)]
  13. House Rent Allowance [Section 10(13A) Read with Rule 2A]
  14. Scholarship [Section 10(16)]
  15. Pension received by certain winners of gallantry awards [Section 10(18)]
  16. Family pension received by family members of armed forces including para military forces [Section 10(19)]

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PCDA (P) Circular No. 585 for Pre 1.1.2016 Pensioners

, by indianmilitaryveterans

Indian Military Veterans
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PCDA (P) has issued a Circular (No. 585) to Record Offices, Pension Offices (Naval Pension Office, JCDA (AF), Air Force Record Office etc) for providing information that may, some time in the near future, result in promulgation of Concordance tables for pre 1.1.2016 pensioners on the same lines as those for Civilian pensioners issued on 6th July 2017.


Please read Paras 3, 4, and 5 of the Circular, and wait for early issue of the Concordance tables. 

We may expect revised pensions after the Concordance tables reach respective PDA/DPDO. 

We may have to spend Diwali 2017 on the old pension x 2.57 times wala pension unless there is a miracle!      

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THE STATUS OF ARMED FORCES SERVICES/PERSONNEL : THE PROVISIONS UNDER THE CONSTITUTION OF INDIA

, by indianmilitaryveterans

Indian Military Veterans

THE STATUS OF ARMED FORCES SERVICES/PERSONNEL : THE PROVISIONS UNDER THE CONSTITUTION OF INDIA

YR RAGHAVAN VETERAN 

Gen Cariappa had once thrown it out, when asked stated the fact that there can NEVER be any inter-se equivalency between between an Army Officer and a Babu.

It does not need any emphasis and the reasons are as under : 

All actions of an Army Officer pertain to the very existence of the State, where as those pertaining to the Babus are local in nature and have very little consequence.

It is only much hyped self proclaimed relevance, if at all because it is an established  fact that the Indian  bureaucracy is one of the most corrupt bureaucracy in the World, there are no life and death matters facing them squarely.

Failure of a Babu, has no consequence, they have the Army to save them, whereas the Army has no one to lean back on, the failure of the Army being the LAST BASTION of the NATION would be construed as the Failure of the Nation (floods in J&K, Rohtak Jat agitation and Ram Rahim roits in Panchkula are an example).

 As per the Constitution of India there is a provision of the MARTIAL LAW which means that the DEFENCE SERVICES will be entrusted with the running of the country, whereas there is and cannot be any such provision for the Babus to rule the  Nation as Commanders.

The bureaucrats will remain only bureaucrats ie Staff Officers at best, but Army Officers will remain Commander's all their lives.

Hence parity cannot be drawn.

If the Chief has ball's, he should walk up to the PM and say so.

What nonsense? Who allowed it? Why did people take it lying down?

And if they are from within us they need to be taken to task even if they happen to be the Chief's and as such they need to be publicly denounced and ostracised from the comity of SOLDIERS and banished for life for having SOLD their brethren in arms which is treason of the Highest Order.

This has to be opposed as a life and death matter. Let heads roll if need be.        

People need to be made to understand that SOLDIERS have An INTERNATIONAL CHARTER and an equivalent universal rank structure that is. SOLDIERS are a different breed, they not only subscribe to the law of the land they create, but also to the Army Act and Internationally accepted norms of soldiering the Geneva Conventions. So the most stupid, the most absurd thought that only an idiot or a moron can think about is the question of equivalency or parity with the rank and file of the Defence Services.

And only jealous people with low IQ but big high headed egos can even think of it, therefore it needs to be shot down at the bud.

The very fact that the Officer to Men ratio is high in the Defence Services is not out of choice, but because of the responsibility and degree of competent leadership backed by accountability  that an Officer carries, because of the stakes that they have to contend with especially considering the fact that they cannot fail and the only option available to them is to succeed or perish. Life is at stake, as the last bastion of the Nation, which is an unwritten self proclaimed code of the Soldiers. A fact substantiated by the casualty ratio in every war, in every operation, wherein the casualty ratio in respect of Officer to  Men casualties are heavily skewed in favour of Officers, which bears testimony to my claims.

Hence the most absurd statement is to seek equivalency with or even parity with Officers, JCO and OR of the Defence Services  of any Nation.

Soldiers were, are and will remain a breed apart, notches higher than their Civilian counterparts.

Even to seek parity with them is blasphemous forget putting them down and if anyone even tries to do so, should be considered as Anti National and a Traitor to the Nation, since it would tantamount to weakening the Nation and preparing it for invasion, subjugation and slavery to foreign powers or disintegration like the USSR in times to come.

A clear cut indication of home grown traitors at work.

Jai Parkash Narain, Veteran 

But it is happening and done by PM and DM and maybe AHQ/IDF is involved. As per the progress in our NFU case where the Govt seems to be trying to declare commission officers to start as Class B officers and it seems DSR is no authority for their being Class 1 officers. 

Pay parity is also no consideration. Who is directing it, has the bureaucrats taken over the Govt. Do whatever u can but as of now things r really bad for the officer class and the rest of the defence forces. 

Chiefs have not said anything on the issue not even against any menial jobs being handed over to the forces, not as a last bastion but even the first one as cleaning the garbage. 

Now what? Are def forces getting politicised or being pushed to that end. 

Everybody seems to be above us CDA and CGDA do their own calculations after every CPC and does not give us our right dues and we have to get it through court cases after yrs of struggle and even that may not be possible the way the AFT judges r being nominated by the same bureaucrats against whom the case is filed. 

Watch out the future of the country is in the hands of thieves and rascals.

Shreekumar Menon, Veteran

This seems to be some disinformation mail. Here is a forward of a logical equation.

"Part XIV of the constitution deals with the "Services Under the union and the states". Under Chapter I of the same part it deals with Public Services. 

Article 309 of Chapter I of the part XIV of the constitution refers to the word "Public Services" for all services under this Part of the constitution which include defence services too. And that is reason the name of Union Public Services Commission was taken to recruit all such services by UPSC as constituted under chapter II of Part XIV. That is also the reason that in the interpretation of the word “Public Servant” the defence officers have been included.

Article 310 further classifies these public services into Defence Services, Civil Services of the Union and All India Services. It clearly keeps Defences services at par with other services.

The provision of the articles 311 onwards under chapter 1 does not apply to the defence services. As these provisions deal with more to disciplinary arrangements, logically so defence officers have not been included in these as defence services have their different sets of provisions under Armed Forces Act and Rules. 

And we club it with the restrictions as put by our constitution on the certain fundamental rights of the member defence forces, the broad classification of Public Services can be done in two; 

1. Defence Services and 
2. Civil Services clubbed with all India Services.

Now if see the constitution it throws certain facts and these are: 

1. Defence services are very much part of public services as envisaged under the constitution.

2. The distinction of Public Services has been made into Defence services, Civil Services of Union and All India Services.

3. Our constitution does not mention defence officers as commissioned officers and creates a separate class. 

Our constitution is silent on this part. 

The appointment letter to defence officers are given by the President in form of Commission Parchment and same is written in the title of it. But in the text of same it doesn’t mention the word commission. 

Let me reiterate that the word commission has some more to do with the sovereign powers of the President. To take or pardon life. 

But here is an exception which highlights the meaning and sovereign powers of commission officers. Under Summary General Court Martial an officer of the rank of a Captain and above, not only can give the sentence of death but also can confirm it for its immediate execution by shooting without any reference to the president or any court of the land. 

In civil the death sentence is giving by not less than a Session Judge and it can only be executed once the president confirms it and that also by hanging.

4. Now for terms and conditions of the services there could be two interpretations.

a. If the pay commissions are set to also decide services conditions under Article 309 and 310 then defence forces are very much part of it and shall be treated at part with Civil Services and All India Services as public services.

b. If the pay commission only takes the provisions of articles 311 onwards than defence forces are not part it and needs to be given a separate pay commission.

Considering the spirit of the constitution wherein it itself has made distinction from article 311 onwards there is a need for defence forces to have separate pay commission. 

What we need is that we must now push for the clear interpretation of these articles and positioning of defence forces"

Regards
Menon

(Source- Via Gp E-mail)

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7th Pay Commission: January salary of Central Govt employees set to rise

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Indian Military Veterans

7th Pay Commission: January salary of Central Govt employees set to rise

New pay hike for central government employees is expected to kick in from January next year. Here's what we know.


7th Pay Commission: January salary of Central Govt employees set to rise
Zeebiz had earlier done a report speculating rise in fitment factor by three times pushing minimum pay to Rs 21,000 from the current Rs 18,000. Image Source: IANS

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