Jun 15, 2014

Modi’s gift: No income tax likely up to Rs. 3 lakh

Finance minister Arun Jaitley may have some good news for the salaried class in the budget for 2014-15.
The government is learnt to be gearing up for an overhaul of India’s tax regime by considering a restructuring of tax slabs and increasing the income tax exemption limit from the existing Rs. 200,000 to more than Rs. 300,000 —a move that would leave more money in the hands of people.
A rejig in income tax slabs is also on the cards, the details of which are being currently examined.
At present, there are three tax slabs. Those with an income of less than Rs. 2 lakh a year are exempt from paying taxes. Those earning between R2 lakh and R5 lakh annually are taxed at 10%, those between R5 lakh and R10 lakh at 20% while anybody earning more than R10 lakh pays a tax of 30%.
In addition, in last year’s budget ( 2013-14) the then finance minister P Chidambaram, for the first time, introduced an additional  surcharge of 10% on “Relatively prosperous" persons with a taxable income of more than R1 crore — and there were supposedly only 42,800 of them in India
A rejig in tax slabs along with a hike in exemption limits will enhance people’s disposable income, which, in turn will boost consumption spending as well as savings.
The government is negotiating through a maze of thorny issues ahead of this year’s budget amid faltering demand and rising prices that have hit growth in the broader economy.
The government is examining whether some of the proposals of the draft Direct Taxes Code (DTC) Bill 2013 including a tax on “super-rich” can be introduced in this year’s budget, likely to presented in the second week of July, sources said.
The draft DTC Bill had proposed a higher 35% tax for the super-rich for those who earn more than Rs. 10 crore a year, and a wealth tax on host of assets such as expensive paintings.
The draft had also proposed to reduce the age for tax exemption for senior citizens to 60 years from 65 years.

The Parliamentary Standing Committee on Finance that had examined the DTC Bill of 2010 had recommended raising the income tax exemption limit to Rs. 3 lakh
Source - hindustan times


It is hereby notified to the general public that the new Daily AC superfast express Train No. 12429/12430 is being introduced between Lucknow and New Delhi from 15.06.14 from Lucknow and from 16.06.14 from New Delhi. This train is being introduced in lieu of the Tri-Weekly trains, the 12271/12272 Lucknow –New Delhi Duronto and 12233/12234 Lucknow–New Delhi AC express trains which are being cancelled from both directions.

The last service of the 12272 Lucknow-bound Duronto express leaving New Delhi o­n 14.06.14 will terminate at Lucknow Jn o­n 15.06.14 and the new train service the 12429 will originate from Lucknow as theLucknow-New Delhi AC superfast express from 15.06.14. In the return direction, its corresponding service, the 12430 New Delhi-Lucknow AC superfast express will originate from New Delhifrom 16.06.14 & run as per the following schedule:

The12429 Lucknow-New Delhi AC Daily Superfast Express train will depart from Lucknow at 11.30 p.m. from 15.06.2014 to reach New Delhi at 07.30 a.m. the next day. In the return direction, the 12430 New Delhi-Lucknow AC Daily Superfast Express train will depart from New Delhi at 11.30 p.m. from 16.06.2014 to reach  Lucknow at 07.10 a.m. the next day. Having I AC, AC II tier and AC III tier coaches as per the fares of Rajdhani Express trains, the 12429/12430 will stop at Bareilly, Moradabad and Ghaziabad stations enroute in both directions


As part of its endeavor to afford greater facility to passengers especially at major railway terminals with high passenger flow, Northern Railway has installed a set of Escalators (Up & Down) o­n Platform No. 16(towards Second Entry) at Delhi Main station at a simple ceremony yesterday(13.06.2014). The senior-most employee of Delhi Main station Shri  Sukbir Singh Shunting Master inaugurated the facility in the august presence of Shri Pradeep Kumar, General Manager, Northern Railway, Shri B.D.Garg Chief Administrative Officer/Construction, Shri Anand Mathur Chief Personnel Officer and Shri Anurag Sachan, Divisional Railway Manager, Northern Railway, Delhi.
On the occasion the General Manager, Northern Railway inspected the station premises-both entrances, Waiting Halls, Booking Centres, all passenger amenities like lighting, drinking water, catering etc and exhorted staff to work consistently to facilitate rail passengers during this peak travel period. He also directed that cleanliness and sanitation be ensured at the station. 
Platform No. 16 of Delhi Main station is a busy platform dealing with important and high-demand trains like Kaifiyat Express, Mussorie Express, Unchahar Express, Shalimar Express etc. The newly installed escalators have a capacity of 9600 passengers per hour and can work in both directions to cater to passenger needs during rush hours. The Escalators are driven by energy efficient VVVF drives. They have a standing capacity of 68 passengers per escalator and travel at a speed of 0.5 meter/second. The escalators have important safety features like emergency push button at 3 locations enabling quick intervention during any obstruction/detention. Provided with occupancy sensors, the escalators will slow down to half speed after 180 seconds and thereafter stop at 30 seconds in case of no users; as soon as passenger/ user is detected, the escalators resume operations immediately. This feature enables energy saving. These escalators are installed by M/s. SJEC Johnson Ltd.
      Of the 100 escalators being installed at various stations o­n Indian Railways, 16 Nos will be provided o­n Northern Railway.


In order to clear extra rush of passengers during the current summer season, the Railway has decided to run Premium A.C. Superfast Express Special Train No.05037/05038 Lucknow Jn.- Kathgodam- Lucknow Jn. (three trips in each direction)as per the following schedule:-
The 05037 Lucknow Jn.- Kathgodam Premium A.C. Superfast Special train will depart from Lucknow Jn. at 05.15 a.m. o­n 19, 21 & 22.06.2014 (three trips) to reach Kathgodam at 12.55 noon the same day while in the return direction, the 05038 Kathgodam- Lucknow Jn. Premium A.C. Superfast special train will depart from Kathgodam at 02.10 p.m. o­n 19, 21 & 22.06.2014 (three trips) to reach Lucknow Jn. at 09.50 p.m. the same day.
The 05037/05038 Lucknow Jn.- Kathgodam- Lucknow Jn. Premium A.C. Superfast Special train having A.C. Chair Car coaches, will stop at Bareilly, Rampur, Rudrapur City, Lalkuan & Haldwani stations enroute in the both directions.



Kolkata, June 13, 2014:
09727 Jaipur-Kolkata Premium Special train will remain cancelled from Jaipur o­n 25 June and 09728 Kolkata-Jaipur Premium Special will remain cancelled from Kolkata station o­n 26 June, 2014.

Source - E Rly





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