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Friday, February 26, 2010

Less Allotment to DOP-Union Budget-No change in Incometax for Salaried Sector

Dear Comrades,
Allotment to the Department of Posts reduced to Rs.4266.14 Crores. As per the revised estimates for the year 2009-10 it is Rs.5823.46 crores i.e. Rs.1557.32 crores less to the previous year.Demands for Grant Statement submitted by the Postal Directorate to the Finance Ministry is placed here for the information of the members.Please click the below link to get the copy.Non-Plan Expenditure has been reduced to 66% comparatively to the last year. There is meager increase in Budget estimates for the year 2010-11 comparatively for the year 2009-10, but there is substantial cut in Non-Plan Expenditure.


Today Finance Minister announced Union Budget -2010 in Parliment. But there is no great deals for salaried sector. The following New tax slabs introduced from 01/04/2010.

1.Up to Rs.1,60,000 there is no Tax
2.Rs.1,60,000 to Rs.5,00,000 there is 10% Tax
3.Rs.5,00,000 to Rs.8,00,000 there is 20% Tax
4.Rs.8,00,000 and above there is 30% Tax.

For Women Employees
1.Upto Rs. 1,90,000 Nil.
2.Rs. 1,90,001 to Rs. 5,00,000 10 %.
3.Rs.5,00,001 to Rs. 8,00,000 20 %
4.Above Rs. 8,00,000 30 %

For Senior Citizens
1.Upto Rs. 2,40,000 Nil.
2.Rs. 2,40,001 to Rs. 5,00,000 10 per cent.
3.Rs. 5,00,001 to Rs.8,00,000 20 per cent.
4.Above Rs. 8,00,000 30 per cent.

Deduction in respect of long-term infrastructure bonds

In tune with the policy thrust of promoting investment in the infrastructure sector, it is proposed to insert a new section 80CCF in the Income-tax Act to provide that subscription during the financial year 2010-11 made to long-term infrastructure bonds (as may be notified by the Central Government), to the extent of Rs. 20,000, shall be allowed as deduction in computing the income of an individual or a Hindu undivided family. This deduction will be over and above the existing overall limit of tax deduction on savings of upto Rs.1 lakh under section 80C, 80CCC and 80CCD of the Act. This amendment is proposed to take effect from 1st April, 2011 and will, accordingly, apply in relation to the assessment year 2011-12. [Clause 24]

Deduction in respect of contribution to the Central Government Health Scheme
Under the existing provisions of section 80D, deduction in respect of premium paid towards a health insurance policy upto a maximum of Rs. 15,000 is available for self, spouse and dependent children. A further deduction of Rs. 15,000 is also allowed for buying an insurance policy in respect of dependent parents. The deduction is enhanced to Rs. 20,000 in both cases if the person insured is of age of 65 years or above. The Central Government Health Scheme (CGHS) is a medical facility available to serving and retired Government servants. This facility is similar to the facilities available through health insurance policies.
It is, therefore, proposed to also allow deduction in respect of any contribution made to CGHS by including such contribution under the provisions of section 80D. The deduction will be limited to the current aggregate as mentioned in the section. This amendment is proposed to take effect from 1st April, 2011 and will, accordingly, apply in relation to the assessment year 2011-12 and subsequent years. [Clause 25]

A new initiative, “Swavalamban” will be available for persons who join New Pension Scheme (NPS), with a minimum contribution of Rs.1,000 and a maximum contribution of Rs.12,000 per annum during the financial year 2010-11, wherein Government will contribute Rs.1,000 per year to each NPS account opened in the year 2010-11. Allocation of Rs.100 crore made for this initiative

These are the main key Points useful for the Government Employees in related to Union Budget-2010

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