Is there a conflict of interest in civil servants having a decisive say on the recommendations made by a Pay Commission or is it time for a new review mechanism, asks A K Bhattacharya.
The Finance Minister, however, left the current income tax slabs unchanged.
Salaried employees get several benefits under Sections 80C, 80D, 80G and others.
The policy review observed that the moderation in inflation, excluding food and fuel, that was witnessed in the first quarter of 2017-18 has "by and large, reversed".
High frequency indicators suggest that a growth recovery is underway, but very tentatively and with weak legs, says Saugata Bhattacharya.
"The main risk stems from the uncertainty surrounding the outcome of the south west monsoon in view of the rising probability of an El Nio event around July-August, and its implications for food inflation," RBI said, as it kept the status quo on key interest rate for the third time in a row.
The 6-member Monetary Policy Committee, headed by Reserve Bank of India Governor Urjit Patel, in its fifth bi-monthly review, kept the repo rate unchanged at 6 per cent and reverse repo at 5.75 per cent.
When submitting house rent allowance receipts, claiming that you pay rent to a close relative like parents, siblings or spouse, ensure that you have supporting documents to substantiate it.
Another major development is REITs coming closer to reality
While using the family to save tax is legal and smart, ensure you use the ones where clubbing income laws isn't a concern, advises Bindisha Sarang.
This is roughly 70% of the national transporter's budgeted wage bill of Rs 40,435 crore for the current financial year.
On one hand, Operation Greens should help to smoothen volatility in the prices of vegetables, whereas the proposal to enhance and extend minimum support prices to augment farmer incomes, may emerge as an inflation risk.
Tax Guru Anil Rego answers your personal income tax queries
The central bank had revised its inflation forecast significantly downward in the last policy
Use deductions introduced in the Budget to save additional Rs 24,000 in tax
As on July 31, the valuation of his shareholding in the company stood at Rs 9,830 crore.
Electricity tariffs to go up as coal cess is doubled.
As the MPC is mandated to target CPI inflation rate at 4 plus minus 2 per cent, any measurement error in CPI is likely to have grave consequences for monetary policy.
CBDT recently lowered threshold for this to Rs 8,333 a month. If you don't furnish this, a higher tax will be deducted at source from your income.
Higher rural incomes, pay commission benefits, and lower interest rates are key positives: Analysts
The new pay scale will come into effect from January 1.
The employers often split wages into different allowances to reduce their PF liability and also increase the take home pay of their workers.
Employees and workers will meet on November 27 to protest against the recommendations
Use of the incorrect form will result in your return being treated as defective, points out Suresh Surana, founder, RSM India.
Archit Gupta on how can you maximise your savings and reduce your taxable income.
'Most importantly, marking a departure from the past, the RBI has made it clear that it is not overtly worried about the level of the local currency,' notes Tamal Bandyopadhyay.
Deduction on home loan interest cannot be claimed when the house is under construction
We take the opportunity to bust a few myths
There is a narrow chance that the central bank may cut rates in the future, according to a poll of 15 economists and treasurers.
A combination of farm loan debt waivers by state governments and the implementation of the pay commission award could entail some fiscal slippages and pose a risk to inflation
The monetary authority said it was worried on three fronts with regard to inflation as well as the economy.
Surendra Hiranandani -- chairman and managing director, House of Hiranandani -- explains what ails India's housing sector and indicates the way forward.
Evaluate recurring investment products and do the numbers before making any investments.
The 7th Pay Commission has recommended more than doubling the 'Military Service Pay' to defence personnel, and suggested that Short Service Commissioned Officers should be allowed to exit the Armed Forces at any point in time between 7 and 10 years of service.
These firms offer job security and lucrative salries.
It is best to invest long-term surplus in stocks or equity mutual funds.
The people of the nation co-operated and patiently waited for the government's promised "ache din", and now they want their just rewards, says Adhil Shetty.
RBI Governor Raghuram Rajan on Tuesday kept the repo rate unchanged 6.50 per cent.
The government has made employers responsible for verifying whether the claims filed are according to the law. Earlier, companies went only by self-declaration of employees.
Though it may be anecdotal, there are some HR people who cannot reconcile their own salary from a CTC to take home!
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