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2014

Interim Budget and Vote on Account

  • This year, there won’t be an annual full length budget but there will be a Vote on Account popularly known as interim budget.

Need For Budget

  • It is not that the Government can tax, borrow and spend money the way it likes, since there is a limit to the resources. An annual budget is an exercise through which the government puts forth provisions to raise money and spend money. In doing that, it seeks the parliament’s approval to spend the requisite amount of money. The Parliament then Votes for or against the proposals and the finance bill gets passed. This whole process begins on 28th Feb When the Finance Minister makes the budget speech and goes on till 31st March, When the bill is passed in the parliament.

2013

Q 1. Who will be covered by the Pension Scheme?

Every member of the ceased Family Pension Scheme 1971 and anyone who joins any covered establishment on or after 16-11-95 is compulsorily to join this scheme, provided his/her salary/wage is less than Rs. 6500/- per month at the date of appointment.

2013

Q 1. What is the Contribution for Provident Fund both by the Employer & Employee?

The Employee contributes 12% of his /her Basic Salary & the same amount is contributed by the Employer.

 

Q 2. Is it Compulsory for the all the employees to contribute to the Provident Fund?

Employees drawing basic salary upto Rs 6500/- have to compulsory contribute to the Provident fund and employees drawing above Rs 6501/- have an option to become member of the Provident Fund.

2013
I asked my new girlfriend what sort of books she’s interested in,
she said: Cheque books.

The easiest way to make your old car run better… is to check the prices of new car.

What is the difference between men and pigs?
Pigs don’t turn into men when they drink.

2013
  • The procedure for PAN allotment process will undergo a change w.e.f.03.02.2014. From this date onwards, every PAN applicant has to submit self attested copies of
    • Proof of Identity (POI),
    • Proof of Address (POA) and
    • Date of Birth (DOB) documents

2013

Medical treatment of specified ailments under section 80DDB

  • Deductions of expenses on medical treatment of specified ailments (such as AIDS, cancer and neurological diseases) can be claimed under Section 80DDB.
  • The maximum amount of deduction allowed from gross total income is restricted to Rs 40,000 (which goes up to Rs 60,000 if the age of the person treated is 60 years or more) on condition that no medical reimbursement is received from any insurance company or employer for this amount.

Financial Management