- Increase in the limit of deduction in respect of health insurance premium from Rs. 15,000 to Rs. 25,000.
- For senior citizens the limit will stand increased to Rs. 30,000 from the existing Rs. 20,000
Direct Tax proposals in Budget 2015-16 which benefits the middle class individual tax payers are as follows:-
Punjab Excise & Taxation Department has issued public notice dated 03.02.2015 clarifying that the hike in the rate of VAT on iron and steel has only been announced. It will come into effect only once it is duly notified. Further, no change in rate of VAT on any other item has been announced or notified. The said public notice is enclosed below.
The Excise and Taxation Department, Punjab has exempted all the items from E-trip under Rule 64-A of Punjab VAT Rules, 2005. E-Trip is the mechanism whereby the intra-state (With in State) movement of notified goods is mandatorily reported on the official website of the Department. Now after this order, E-Trip is not required to be done in respect of any item. The Said Order dated 31st January, 2015 is enclosed below.
tax 'N' accounts people
Tarun Kumar Gupta
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