Bonanza for taxpayers in budget

Bringing cheer to individual taxpayers, Finance Minister Arun Jaitley in his maiden Union Budget 2014-15 in Parliament on Thursday, raised personal tax exemption limit to Rs 2.5 lakh from the current Rs 2 lakh. Income tax exemption limit for senior citizens has been raised to Rs 3 lakh. The Investment limit under Section 80C has also been hiked to Rs 1.5 lakh from the current Rs 1 lakh, while the FM increased housing loan interest rate deduction limit to Rs 2 Lakh. In further relief to the depositors, the FM announced that the PPF (Public Provident Fund) deposit ceiling will be raised to Rs 1.5 lakh from the existing Rs 1 lakh.
Highlights of budget 2014 regarding Income Tax
* No hike in direct tax rates 
* Retain tax targets for FY15
* Gross tax revenue seen 10.9% of GDP in FY16; 11.2% in FY17
* Retain interim gross tax collection aim
* Propose relief to individual tax payers
* Ups 80C tax break invest cap to Rs 150,000 from Rs 100,000
* Up tax exemption limit for senior citizens to Rs 300,000
* No change in rate of surcharge for corporates, individuals 
* No change in surcharge rates for direct tax
* To up personal income tax exemption limit to Rs 250,000
* Personal income tax exemption hiked by Rs 50,000 per year
* Will consider views on new Direct Tax Code draft
* Education cess to continue at 3% 

Mumbai ITGOA members seek clarification, threaten to resign from Association

Flash news : Delhi ITGOA agitation suspended
The ongoing agitation of ITGOA, Delhi kept in abeyance, as board has constituted a committee on directorate issues, committee will report by 18th July, 2014

News from ITGOA, Mumbai
A number of ITOs in Mumbai have written to ITGOA Mumbai and sought clarification regarding ACIT promotion, seniority list etc. They belong to 2001 batch of ITO. In this letter they requested answer of queries within 5 days and threatened to quit the association if their just demands and queries are not adhered to. A copy of the letter is with us. We are publishing it for public interest.
Click here to view the letter
(There were some technical problem and this link was not working. Now it is rectified and working perfectly. Sorry for the inconvenience.)

ITO to ACIT promotion : No immediate possibility

ITGOA, Central Headquarter issued a circular to all members apprising of different issues. Out of these issues, perhaps the most important issue, ACIT promotion is still uncertain.
"The CBDT had submitted two Review / Regular proposals for promotion to the post of ACsIT to UPSC on 18.02.2014. CBDT was advised by UPSC to obtain opinion of DOLA on the issue as to whether holding DPC from the existing seniority list of ITOs subject to revision of seniority of ITI/ITO based on the judgment of Hon’ble Supreme Court in N. R. Parmar will tantamount to contempt or not.