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12/07/2009

ADVANCE TAX LIMIT HIKED-BUDGET 2009

ADVANCE TAX LIMIT HIKED-BUDGET 2009

This financial year (FY 2009-10)onwards, you won’t have to pay advance tax if your tax liability is less than Rs 10,000 annually. The finance minister has rationalised the advance tax limit in the Union Budget. According to the Budget memorandum, the threshold for this tax has been doubled from Rs 5,000 to Rs 10,000. The limit has been hiked “with a view to providing for inflation adjustment”, says the memorandum. The Rs 5,000 limit has been in existence for the past 13 years. It was fixed in the 1996 Budget.

  • Advance tax applies to individuals whose incomes are not subject to tax deduction at source (TDS).
  • This directly impacts the self-employed in the lower tax slab. This tax is also payable on income on account of interest, tuition fee, rent, trading of securities and consultancy work. 
  • Advance tax is paid every quarter.
  • If not paid on time, it attracts a penalty at an annualised rate of 13 per cent. 

Let’s look at what is the difference the hike, included under the existing provisions of Section 208 the Income-Tax Act, has made to individuals. Considering the earlier exemption of Rs 1.5 lakh and Rs 1 lakh deductions,U/S 80C a person was liable to pay advance tax if he was earning a salary of more than Rs 2.75 lakh. This year onwards, advance tax has to be paid by people earning over Rs 3.10 lakh. The salary level increases as the exemption limit is now Rs 1.6 lakh. “This move impacts individuals in the lower income group. For those in the high income slab, this is immaterial.

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PME Due Date

Master Circular No. 25



Copy of Railway Board’s letter No. 69/H/3/11 dated 06.12.1974



Subject: Implementation of the Recommendations of the Visual Sub-Committee.



6. Periodical re-examination of serving Railway Employees:



6.l. In order to ensure the continued ability of Railway employees in Classes A l, A 2, A 3, B l and B 2 to discharge their duties with safety, they will be required to appear for re-examination at the following stated intervals throughout their service as indicated below:



6.1.1. Classes A l, A 2 and A 3 —At the termination of every period of three years, calculated from the date of appointment until they attain the age of 45 years, and thereafter annually until the conclusion of their service.



Note: (l) The staff in categories A l, A 2 and A 3 should be sent for special medical examination in the interest of safety under the following circumstances unless they have been under the treatment of a Railway Medical Officer.



(a) Having undergone any treatment or operation for eye trouble irrespective of the duration of sickness.



(b) Absence from duty for a period in excess of 90 days.



(2) If any employee in medical category A has been periodically medically examined at any time within one year prior to his attaining the age of 45, his next medical examination should be held one year from the due date of the last medical examination and subsequent medical examination annually thereafter.



If, however, such an employee has been medically examined, at any time earlier, than one year prior to his attaining the age of 45, his next medical examination should be held on the date he attains the age of 45 and subsequent medical examination annually thereafter.




Ammendment: It was ammended in 1993 as below



Age Group PME Due



Age 00-45 every 4yrs



Age 45-55 every 2yrs



Age 55-60 every year
Details:-
As per Rly Bd's Guideline of Medical Exam issued vide LNo. 88/H/5/12 dated 24-01-1993

a) PME would be done at the termination of every period of 4 years from date of appointment / Initial medical Exam till the date of attainment of age of 45 years, every 2 years upto 55 years & there after annual till retirement.
b) Employees who has been periodically examined at any time within 2years prior to his attaining the age of 45years would be examined after 2years from the date of last PME & subsequent PME for every 2years upto 55years age.Of

NRMU 4 you
SMLokhande





6.1.2. Classes B-1 and B-2—On attaining the age of 45 years, and thereafter at the termination of every period of five years.