1. Trade unions seek doubling of I-T exemption limit to Rs 5 lakh

Trade unions seek doubling of I-T exemption limit to Rs 5 lakh

In their pre-Budget memorandum, trade unions on Monday asked the government to double the minimum income tax exemption limit to Rs 5 lakh...

By: | New Delhi | Updated: February 8, 2016 10:28 AM
trade unions on Monday asked the government to double the minimum income tax exemption limit to Rs 5 lakh, fix minimum monthly wage at Rs 18,000 and raise the basic monthly pension to Rs 3,000 for all workers.  (PTI)

Trade unions has asked the government to double the minimum income tax exemption limit to Rs 5 lakh and fix minimum monthly wage at Rs 18,000. (PTI)

In their pre-Budget memorandum, trade unions on Monday asked the government to double the minimum income tax exemption limit to Rs 5 lakh, fix minimum monthly wage at Rs 18,000 and raise the basic monthly pension to Rs 3,000 for all workers.

“The income tax exemption limit has to be raised to at least Rs 5 lakh as recommended by Yashwant Sinha Committee as food inflation is sky high,” Bharatiya Mazdoor Sangh (BMS) zonal organisation secretary Pawan Kumar said after meeting finance minister Arun Jaitley and other officials.

BMS has also demanded a minimum wage of workers should be Rs 18,000/month after the 7th Pay Commission recommended it to be the lowest scale for central government employees, Kumar said.

Other suggestions of the unions include need for taking effective and timely measures to keep prices especially of food items under control, strengthening of social security schemes for the workers, extension of National Pension System to the workers of unorganised sector.

The unions have also asked that fringe benefits like housing, medical and educational facilities and running allowances in railways should be exempted from Income Tax. They also demanded that PSUs should be strengthened and expanded and the disinvestment of government shares in profit making PSUs should be stopped.

Among others, the pre-Budget meeting was attended by Vrijesh Upadhyay (BMS), Rajender Prasad Singh (INTUC), AL Sachdev (AITUC), Harbhajan Singh Sidhu (HMS), Tapan Sen, (CITU), and Sankar Saha (AIUTUC).

In his remark, Jaitley said one of the major priorities of the government is to make health and social security benefits accessible to unorganised sector workers.

  1. A
    Ashok
    Jan 5, 2016 at 1:26 am
    IT should be raised to 5 lakhs would be reasonable for the working cl
    Reply
    1. D
      DDS
      Jan 5, 2016 at 7:39 am
      Senior Citizens Purchase "Immediate Annuity products" from Insurers. Such Immediate Annuity Products from Insurers FOR SENIOR CITIZENS should be exempted from "SERVICE TAX". Income tax exemption for Annuity should also be considered for"Immediate Annuity products held by Senior Citizens". fter all; Income Tax has been paid by the Senior Citizens when they were in "Service" and the investment in Immediate Annuity Pensions is only for the "Sunset years"
      Reply
      1. D
        D J
        Jan 5, 2016 at 5:51 am
        I totally agree with Shri Murthy that IT exemption Limit should be linked to Inflation Rate on Annual basis. Otherwise Government knowingly will be eating into the real income of the ried cl. When there is service tax on host of items now that was not existing earlier that is filling the coffers of Government, it is totally unjustified to keep the IT exemption limit without increasing it. It is official economic exploitation by the Government to enrich itself at the cost of ried cl.
        Reply
        1. M
          Murthy Suppusamy
          Jan 5, 2016 at 3:25 am
          These are not Trade Unions. They are Wolves, self-centered, muddy minded and enemies of economy for all 1.23b people. Didn't a single Trade Union had intellectual to say "Mr Finance Minister, please tie the Income Tax exemption limit to the Inflation Rate of each year. That is is Scientific, Fair way of taxing people with predicted results. Aren't these Trade Unions created stress by making false promises to Readers and FM finally not raising the expected limits. If someone dies of stress because the false promise by these Trade Unions, I would seek Murder charges on these Trade Unions.
          Reply
          1. S
            S. Nambi
            Jan 5, 2016 at 4:38 pm
            Moreover there is a discrimination in the IT law by which the Earned leave encashment on retirement is completely exempt for Government employees but the exemption is restricted to 300000 for other ried persons.
            Reply
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