Hello! From Virendra

Please watch the presents ‘Public ka Vitt Mantri” on Zee Business at 9:30 PM & 11:30 PM on Feb 22, 2008.

Vote for the contestant whose ideas on ‘Income Tax Exemptions” were the best

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As per existing exempt in income should be change as given below;

Nature of Income Existing Exemption limit Proposed Exemption limit
1. Medical insurance Provide deduction up to Rs 15000. For senior citizens, the deduction up to Rs. 20,000 is allowable. It should provide deduction up to Rs 25000. For senior citizens, the deduction up to Rs. 50,000 is allowable.
2. Interest on personal Bike/Car Loans Nil It should provide for self car loans, interest paid on a car loans up to Rs 100,000 per year should exempt from tax
3. Conveyance Max. Yearly Rs. 9600 for staff and Max. Yearly Rs. 4800 for workers. Max. Yearly Rs. 15,000 for staff and Max. Yearly Rs. 8,000 for workers.
4. Expenses on the education of children Max Rs. 2400/- per annum Max Rs. 10,000/- per annum
5. Minor’s income clubbed with individual Upto Rs. 1,500/- Upto Rs. 5,000/-