Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ACCOUNTING STANDARD :: VAT RATES :: ACCOUNTING STANDARDS :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: cpt :: TDS :: due date for vat payment :: articles on VAT and GST in India :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment
 
 
« Budget Extravaganza »
 Budget 2017 does little to expand taxpayer base, salaried still bear brunt of taxes
 Six things Finance Minister did not tell you in Budget 2017
 Budget 2017 and its place in history
 Tax Dept need not reveal reason for raid even to Appellate Tribunal, proposes Budget 2017
 Budget 2017 proposes a fee for delayed filing of income tax return
 No Cash Transactions Over Rs 3 Lakhs, Reduction In Income Tax And Other Highlights From Budget 2017
 Union Budget 2017: Here are the expectations of real estate sector
 10 things to expect from Finance Minister Arun Jaitley
 High expectations from budget
 India unveils Budget for recovery after cash crunch
 Increase income tax exemption limit’

Assocham seeks more sops for salaried income households in Union Budget
February, 08th 2016

In order to help salaried income households and encourage more women to join the work force, finance minister Arun Jaitley should announce a 10-fold increase in children education allowance and tax exemption for creche facility in the Budget, Assocham has said.

In its pre-budget recommendations to the finance ministry, the chamber has made out a strong case for the re-boot of the consumer demand that will bring in vibrancy in the economic cycle of demand leading the investment and employment.

"While we are confident about a positive multiplier effect of the leaving more money in hands of the tax payers, a lot of women specific proposals be brought in the Budget so as to empower them economically," the chamber President Sunil Kanoria said.

In its memorandum to the Finance Ministry, the chamber has made a specific recommendation for allowing exemption for creche provisions either within the organisation or through specific tie-up through commercial creche providers. An allowance of up to Rs 2,500 per child every month for up to two children may be provided for.

"To supplement household income, more women are entering the job market. With increased phenomenon of nuclear families, working women need support in terms of care of young children while they are at work. Hence to encourage increase in the women workforce, it is desirable that a specific provision be introduced for allowing exemption for creche provisions," the Assocham memorandum on direct tax recommendations stated.

As has been repeatedly pointed out by the Reserve Bank of India, increasing cost of health and education are pinching the pockets of the households, particularly those in the salaried earning bracket. In this backdrop, children education allowance must be enhanced by the income tax laws along with being liberal with expenses on health insurance and medical reimbursements.
Latest Comment

Please also do no ignore Retired Pensioners , those who are living just on Banks interest income.

SEE ALL COMMENTSADD COMMENT
The chamber has recommended that let the children education allowance exemption limit go from the present Rs 100 to Rs 1,000 per month. Likewise, the hostel expenditure allowance which is presently exempt up to Rs 300 pm per child for maximum of two children be increased to Rs 3,000 pm.

"The limit for children education allowance is too low as compared to the prevailing school fee and was fixed in FY 1988-99. Also, the limit hostel expenditure allowance as also fixed in 1988-89," it said.

A similar situation exists with regard to medical expenses reimbursed by the employer. It is exempted to the extent of Rs 15,000 per annum. This limit was also fixed 17 years ago and needs to be revised significantly, at least to Rs 50,000 per annum. Besides the provision should also be made applicable to the retired employees.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Bath SEO Company Birmingham SEO Company Bradford SEO Company Brighton and Hove SEO Company Bristol SEO Company Cambridge SEO Company Canterbury SEO Company Carlisle SEO Company Chester SEO Company Chichester SEO Company Coventry SEO Compan

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions