Wait...
Search Global Export Import Trade Data
Recent Searches: No Recent Searches

Double home loan repayment exemption limit to Rs 3 lakh: ICAI.


Date: 31-01-2012
Subject: Double home loan repayment exemption limit to Rs 3 lakh: ICAI

New Delhi: Seeking relief for home buyers, accounting regulator ICAI has asked the Finance Ministry to double the tax exemption limit on loan repayment to Rs 3 lakh.

"It is suggested that the deduction in respect of interest on housing loan in case of self occupied property should be increased from Rs 1.5 lakh to Rs 3 lakh", ICAI said in a pre-Budget memorandum to Finance Minister Pranab Mukherjee.

The move is necessary to boost the housing sector in view of rising property prices and high interest rates, it said.  ICAI has also pitched for aligning the provisions of the Income Tax Act, so that people above the age of 60 years can avail of all benefits meant for senior citizens.

"To bring more clarity and equality in every section which deals with senior citizens, it is suggested that 60 years age shall apply uniformly in the (Income Tax) Act and accordingly appropriate amendments may be made in the Act," it said.

Although the Finance Act, 2011, had decreased the age of senior citizens from 65 years to 60 years for getting tax benefits of basic threshold limit, it has yet to amend other provisions related to the law.

The regulator has also suggested that the government should consider raising monetary ceilings of other tax exemption provisions in view of the inflation and declining purchasing power of rupee.

The government is expected to present the General Budget for 2012-13 anytime after March 12.

Source : zeenews.india.com


Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 30-06-2025
Notification No. 32/2025-Customs
Seeks to amend Notification No.130/2010- Customs dated 23.12.2010 to extend the exemption benefits to Air Canada.

Date: 30-06-2025
Notification No. 44/2025-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver

Date: 13-06-2025
Notification No. 43/2025-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver

Date: 11-06-2025
Notification No. 42/2025-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver

Date: 06-06-2025
Notification No. 13/2025-Customs (ADD)
Seeks to impose Anti Dumping Duty on imports of ‘Insoluble Sulphur’ originating in or exported from China PR and Japan.

Date: 30-05-2025
Notification No. 38/2025-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver

Date: 30-05-2025
Notification No. 31/2025-Customs
Seeks to i. extend the specified condition of exemption to imports of Yellow Peas (HS 0713 10 10) to bill of lading issued on or before 31.03.2026; ii. to reduce the basic custom duty on crude soya bean oil (HS Code 15071000), crude sunflower oil (HS Code 15121110), and crude palm oil (HS Code 15111000) from 20% to 10%

Date: 26-05-2025
NOTIFICATION No. 37/2025-Customs (N.T.)
Notification of ICD Jalna, Maharashtra u/s. 7(1)(aa) of Customs Act, 1962" and it was issued under Section 7(1)(aa) of Customs Act, 1962

Date: 23-05-2025
Notification No. 30/2025-Customs
Seeks to amend notification No. 55/2022-Customs dated 31.10.2022 to remove the condition required for availing exemption on Bangalore Rose Onion.

Date: 23-05-2025
NOTIFICATION No. 36/2025 - Customs (N.T.)
Amendment in the Notification No. 63-1994-Customs (N.T) dated 21.11.1994 in respect of Land Customs Station, Raxaul



Exim Guru Copyright © 1999-2025 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001