Jeevan Akshay-VI approved for income-tax deduction

No.402/92/2006-MC (23 of 2010)
Government of India / Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
***

PRESS RELEASE

New Delhi dated 19th May 2010

Jeevan Akshay-VI approved for income-tax deduction

The Central Government have approved Jeevan Akshay-VI Plan of the Life Insurance Corporation of India as an annuity plan eligible for deduction under clause (xii) of sub-section (2) of section 80C of the Income Tax Act, 1961.

Persons who have invested in this plan during the financial year 2007-08 or subsequently (relevant assessment year being 2008-09 and subsequent assessment years) will be eligible for deduction of the amount invested from their total income chargeable to income tax. The benefit will, however, be limited to the overall ceiling of Rs.1,00,000 available for deductions under section 80C.

[Notification No.34/2010 dated 19th May 2010; F.No.178/46/2008-ITA-1]

Participation by Central Government servants in sporting events and tournaments of National or International importance

No.6/2/2009-Pay-1
Government of India
Ministry of Personnel, Public Grievances and Pensions
(Department of Personnel and Training)

New Delhi , dated the 18^th May, 2010.

OFFICE MEMORANDUM

Subject: Participation by Central Government servants in sporting events and tournaments of National or International importance.

The undersigned is directed to refer to this Department's OM No.6/1/85-Pay-1 dated 16.7.85 in terms of which employees are entitled to grant of incentive increment on achieving excellence in sports events of national / international importance.

(i) There will be no further recruitment in Group ‘D’.

2.The question of defining the term 'Excellence' for grant of increment to a government servant has been examined in consultation with the D/Youth Affairs & Sports. It is clarified that sportspersons participating in sporting events (both individual and team events) of national and international importance will be treated as having achieved excellence for the purpose of grant of increment(s) if he/she achieves 1st, 2nd or 3rd position in the finals of sporting events if more than three individuals or teams have participated in the events. If only three or less individuals or teams have participated in the finals of a sporting event, the sportsperson/team achieving first position will be treated.as having achieved excellence.

(Rita Mathur)
Director(Pay)

Download the OM

Expecting an increase upto Rs.1.5 lakhs....!

Expecting an increase upto Rs.1.5 lakhs Income Tax exemptions under Section-80C. one of the most important provisions for investors in the tax laws
What is Income Tax Section-80C?
The government, in order to encourage savings, gives tax breaks to certain financial products as discussed in Section 80C of the Income Tax Act. These investments are often referred to as 80C investments.

In India only Government Employees are paying their Income Tax regularly. The salary and other income of a Government Servant are calculated exactly and the amount for the tax is recovered in the early stages itself at their respective departments. Hence, Government Employees will be delighted to hear if any increase in the individual Income Tax exemption limit.

But there is no indication of an increase in individual Income Tax limit. In contrast, there will be a change in the Income Tax exemption under 80C. Now the limit of savings under 80C is one lakh and the expected limit is Rs. 1.5 lakhs. Even though this doesn’t make a hue difference, it can benefit some employees.

Regarding the Income Tax, an individual can earn upto 1.5 lakhs without tax in a year. After that, 10% is deducted upto Rs.3 lakhs. 20% deducted from Rs.3 lakhs to Rs.5 lakhs and 30% is deducted from Rs.5 lakhs and above. For women, there is not tax upto Rs. 1.8 lakhs and for Senior Citizens, no tax upto Rs.2.25 lakhs.

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