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Pradhan Mantri Ujwala Yojana: Arun Jaitley had stated that the government has decided to embark on a massive mission to provide LPG connections in names of women members of poor households. "I have set aside a sum of Rs 2,000 crore in this year's Budget to meet the initial cost of providing these LPG connections. This will benefit about 1 crore 50 lakh households below the poverty line in 2016-17," Jaitley had said. (PTI)
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1. Aadhaar Bill: Finance Minister Arun Jaitley said thousands of crores of rupees would be saved by plugging leakages and diversions as he rejected opposition concerns of violence of privacy as well as Aadhaar potentially being used for "mass surveillance" and "ethnic cleansing". "The effect is going to be on the Centre and state governments which will save thousands of crores," Jaitley said just before the measure was adopted by a voice vote. (PTI)
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2. EPF tax rollback: Arun Jaitley said the purpose of the Budget proposal was to encourage more private sector employees to opt for pension security after retirement instead of withdrawing the entire money from the provident fund account. In order to achieve the objective, the minister said, "the government has announced that 40 per cent of the total corpus withdrawn at the time of retirement will be tax exempt both under recognized provident fund and NPAs". (Reuters)
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3. EPF tax rollback: "When this 60 per cent of the remaining corpus is invested in annuity, no tax is chargeable. This means that the entire corpus will be tax free if invested in annuity. Only the periodic return on annuity will be taxable," Jaitley said. (PTI)
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4. EPF tax rollback: "Out of around 3.7 crore contributing members of EPFO as on today, around 3.26 crore subscribers are in this category. For this category of people, there is not going to be any change in the new dispensation," Arun Jaitley said. (Reuters)
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5. EPF tax rollback: However, Jaitley added, in EPFO there are other contributing members who have accepted EPF voluntarily and are employees of private of public sector companies. "At present, even this category of people can withdraw the whole amount without any tax liability. In the proposed amendment, there will be no tax liability on such employee at the time of retirement if he contributes 60 per cent in annuity products so that pension security can be created for him according to his earning capacity,” Jaitley said. (Reuters)
Income Tax Return Deadline Extension 2025 LIVE: ITR filing due date extended in May, yet just 5.48 crore returns filed – 3 days to go
