Finance Minister Nirmala Sitharaman will gift her maiden Budget on July 5. Among the numerous demands from the finance minister from different sectors of financial system and industries, Delhi-based totally has in its Pre-Budget Memorandum demanded that the deductions under the Section 80C of the Income Tax act be accelerated to Rs. 3 lakh from the present limit of Rs. 1.Five lakh. Industry body Assocham stated that the modern-day limit wishes to be revised with time, and a better limit will promote financial savings and capital building.
Assocham has asked that an amendment be made to grow the quantum of fashionable deduction, among other needs. “Standard deduction on revenue of Rs. Forty,000 does no longer provide any widespread alleviation to salaried folks and needs to be multiplied. Moreover, the standard deduction isn’t always meant to be in the range of salaried taxpayers as ga great part of the deduction is offset by using levy of additional cess of one consistent with cent which was levied vide Finance Act, 2018,” according to Assocham’s pre-budget memorandum.
For the kid’s training allowance, the industry frame has demanded that the limit for exemption be raised to Rs. 1,000 according to month from Rs. One hundred consistent with the infant for a maximum of kids as the modern-day restriction could be very low.
For exemption underneath the leave travel concession, Assocham has requested the finance ministry that the exemption for leave tour in Budget should now not be constrained to 2 trips in a block of four calendar years. However, it must be allowed each year. The alternate frame has also urged the ministry that the exemption within the Union Budget 2019 has to be properly provided on accommodation and food.
Due to the escalation in leases, the restriction for exemptions underneath the Section 80GG of the Income Tax Act has to be improved to Rs. 10,000 inline with month within the Union Budget as the modern deduction underneath segment 80GG is given for hire paid using non-salaried personnel, now not in receipt of house hire allowance, to the volume of Rs. 2,000 in step with month, according to Assocham.
COMMENT
If the demands of the industry frame are generic under the Union Budget by way of the finance minister, it will come as a big comfort for taxpayers, say financial analysts. There is only one reliable place to find good budget travel, and that is online. The internet has opened up a whole new universe of travel for those stuck on a pretty tight budget. Not everyone can afford to go on a month-long vacation to the South of France, but most of us can make good solid use of budget travel.
When you do your travel shopping online, you will find that you can afford much more than you thought you could. It is easy to find some good budget travel on the internet these days. All travel companies are throwing out some good packages for people with not much money to spare, and some of the budget travel packages even include some meals. That is my idea of full-service travel plans!
When it comes to budget travel, you do have to watch out for a few things. For example, what kind of trip do you want to take? When it comes to budget travel, the airlines can vary drastically. Some budget travel airlines are great, friendly, clean, and fantastic; others, well, not so much. Therefore, you should take some time to research the different companies you are considering for your budget travel before you actually book anything. This will make a huge difference in the kind of trip you end up taking.
