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INDIAN REVENUE SERVICE ASSOCIATION
(ALL INDIA BODY)

President

General Secretary

Raminder

Kaushal Rajani Kant Gupta

F.No. IRSA(AIB)/EC/Res./UK-DR/5

Date: 15th July, 2014

To
All Principal Chief Commissioners of Income Tax;
Principal Director General of Income Tax (Admm);
Principal Director General of Income Tax (Systems);
Principal Director General of Income Tax (Logistics);
Principal Director General of Income Tax (HRD);
Principal Director General of Income Tax (International Taxation);
Principal Director General of Income Tax (Training), NADT;
Director General of Income Tax (L&R);
Director General of Income Tax (Vigilance);
Director General of Income Tax (Exemption);
JointSecretary (Admn.). Department of Revenue

Sir/ Madam,

Sub: Contribution made towards disaster relief for the affected people of Uttarakhand- 100% deduction u/s 80G of the Income Tax Act-Reg.

Kindly refer to the Resolution dated 11-07-2013 and subsequent letters of the Executive Committee of the Indian Revenue Service Association (All India Body) calling for contributions towards disaster relief for the affected people of Uttarakhand.

2. In this regard, vide letter No. lR.SA(AlB)/EC,/Res./Ul(-DR/4 dated 05.06.2014 it was brought to the kind notice that 100% deduction under section BOG of the Income Tax Act is available on contributions made for Uttarakhand disaster relief. In this regard, it may further be informed that this 100% deduction is available as per section 8oG(2)(iiihf) of the Income Tax Act and PAN of CM Relief Fund Uttarakhand, for claim of the deduction, is AAAGM0036M.

3. This may kindly be brought to the notice of all concerned.

With highest regards,

Yours faithfully,
sd/-
Rajani Kant Gupta
General Secretary

Source: www.incometaxindia.gov.in
[http://www.incometaxindia.gov.in/archive/uttarakhand-disaster-relief-15-07-2014.pdf]

The post Contribution made towards disaster relief for the affected people of Uttarakhand- 100% deduction u/s 80G of the Income Tax Act – IRSA’s clarificatory communication to all IT heads appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

In its Pre-Budget wish list regarding Income Tax 80C, the Confederation of Indian Industries (CII) has suggested to the Finance Ministry that the consolidated deduction under 80C be raised from Rs. 1 lakh to Rs. 2.5 lakhs.

Most Central Government employees have savings schemes that are linked with General Provident Fund. Under this scheme, the employee not only gets interest for the money saved, but also enjoys the option to withdraw the money whenever required. The money is also entitled to exemption under Section 80C. It has to be mentioned here that new employees (appointed on or after 2004) do not have this option.

If the Income tax deduction is raised from Rs. 1 lakh to Rs. 2.5 lakh under Section 80C, then there are possibilities that savings will increase among the employees.

It has to be mentioned that CII has suggested that a separate section be created for Tuition fees (Children Education Allowance). Although the allowance given for the higher education of the children is exempted from income tax under Section 80C, the Rs. 1 lakh exemption is considered to be very low. Now a amount of one lakh is exempt form income tax for all long and short term saving schemes including General Provident Funds.

CII has also suggested that the Rs. 1.5 lakh exemption being granted for house loan interests should be raised to Rs. 5 lakhs under Income Tax Section 24 for self-occupied property.

Source: CGEN.in
[http://centralgovernmentemployeesnews.in/2014/06/budget-2014-cii-suggests-raising-80c-deductions-to-rs-2-5-lakhs/]

The post Budget 2014 – CII suggests raising 80C deductions to Rs. 2.5 Lakhs appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.