Proposal: Raising contribution to pension fund and new pension scheme (NPS) from Rs 1 lakh to Rs 1.5 lakh under section 80CCC and additional deduction of Rs 50,000 proposed for contribution to NPS under section 80CCD. Impact: This will promote contribution to social security and encourage extra tax savings up to Rs 17,304 under each section.
P: Deduction for health insurance policy under section 80D increased to Rs 25,000 and for senior citizens to Rs 30,000. I: This increase in additional deduction will encourage individuals to cover themselves and their dependent family members under health insurance schemes leading to extra tax savings up to Rs 8,652.
P: Additional deduction of Rs 25,000 has been proposed under section 80DD and 80U with respect to differently abled persons. I: Increase in additional deduction limit will enable maximum tax savings up to Rs 8,652.
P: Deduction limit under Section 80DDB with respect to specified disease of serious nature is proposed to be increased from Rs 60,000 to Rs 80,000 for very senior citizens. I: Increase in additional deduction limit will enable maximum tax savings up to Rs 6,922.
P: Transport allowance limit for salaried individual is proposed to be increased from Rs 800/month to Rs 1,600/month I: This would take care of rise in transportation cost and will enable extra tax savings up to Rs 3,322.>> Read More
Leftist Prime Minister Alexis Tsipras on Saturday accused governments in Spain and Portugal of working with the conservative opposition at home in a bid to weaken, or even topple, his anti-austerity administration.
Addressing SYRIZA’s central committee on Saturday, Tsipras said that Madrid and Lisbon officials had sided against Athens during negotiations on February 20 that led to a four-month extension of the country’s loan deal.
“We were up against an axis of powers led by Spain and Portugal, which for obvious political reasons sought to lead the whole negotiation to the brink,” Tsipras said.
“Their plan was, and it remains, to wear down, topple or bring our government to unconditional surrender before our work starts to yield fruit and before the Greek example affects other countries,” he said. Both Mediterranean countries will hold elections this year.>> Read More
As the world contemplates the various ‘provocation’ scenarios - a Russian act, a CIA act meant to look like a Russian act, or a Russian act meant to look like a CIA act? -the following clip suggests this was anything but an ad hoc shooting…
The narrator suggests, as Nemtsov and his companion are walking along the road, a garbage truck (or cleaning vehicle) is behind them. When the garbage truck comes alongside the couple, it slows down, then moves ahead, then stops… and another man leaves the vehicle and jumps in a following car, which speeds away with tires smoking…
According to the statement, Poroshenko and Biden held telephone talks on Saturday, expressing “concern in connection with the killing of Russian opposition leader Boris Nemtsov”.
According to the Russian Interior Ministry, Nemtsov was killed in the Russian capital at 11:40 p.m. Moscow time on Friday (20:40 GMT), after several shots were fired at him from a car, which drove by while the Russian politician was walking across the Zamoskvoretskiy bridge with a female companion from Ukraine.
Poroshenko wrote on his Facebook page after the murder that Nemtsov was “a bridge between Ukraine and Russia” that was now destroyed.
Meanwhile, US President Barack Obama has condemned the killing, saying in a Friday statement that he admired Nemtsov’s “courageous dedication to the struggle against corruption in Russia” and appreciated the politician’s “willingness to share his candid views” with him when Nemtsov met with Obama in Moscow in 2009.
The Russian Investigative Committee is at the moment considering several crime scenarios, with some of them linking Nemtsov’s murder to events in Ukraine, the Charlie Hebdo terrorist attack in Paris and the politician’s business activity.>> Read More
Moody’s Investors Service said India’s 2015/16 budget unveiled on Saturday was “credit neutral,” adding the agency would monitor whether the government can fulfill its pledge to meet its fiscal deficit by boosting economic growth. The government on Saturday pushed back the deadline to cut the fiscal deficit to 3% of gross domestic product to 2017/18, a year later than previously expected, seeking more elbow room to focus on economic growth. “There is still a constraint on the credit profile from the fiscal side. The government is going to privilege growth and not fiscal consolidation. That is the government’s prerogative,” said Atsi Sheth, Moody’s sovereign ratings analyst, told Reuters. “I would say that on a balance this (budget) was credit neutral.” Jaitley forecast that growth would accelerate to 8-8.5% in the fiscal year starting in April, up from 7.4% this year, under a budget unveiled on Saturday that focuses on stoking investments. Sheth underscored the need for the government to work towards a timely rollout of its ambitious goods and services tax (GST), while saying more efficient direct cash subsidy transfers would also be important. The continuing fiscal deficit, however, along with the deteriorating asset quality of public sector banks remain a constraint to India’s sovereign credit profile, Sheth added.
Former Prime Minister Manmohan Singh today said the budget reflected lot of “good intentions” of the NDA government but it lacked any clear roadmap to achieve the goals.
Describing the budget as disappointing, Singh, who is credited with ushering in economic reforms as Finance Minister in the Narasimha Rao government in 1991, said the Modi dispensation did not lay out any framework to implement various initiatives announced in the budget.
“My worry about the budget is that it has good intentions but it does not have an adequate roadmap and framework to implement the inititiaves,” the former Prime Minister said.
He said though lot of funds have been established there was no concrete direction to convert them to solid action plan.
Singh was also critical of the government over “inadequate” fund allocation to various welfare measures for rural areas of the country and poor people.
70 per cent of the people in the country live in rural areas. There was not much attention to them, he said.
The day the Buffet “value-investing” fanatics have been looking forward to all year, almost as much as the annual pilgrimage to Omaha, has finally arrived – hours ago Warren Buffett released his historic, 50th annual letter to shareholders, which is extra special because as the Oracle notes in the foreword, “Fifty years ago, today’s management took charge at Berkshire. For this Golden Anniversary, Warren Buffett and Charlie Munger each wrote his views of what has happened at Berkshire during the past 50 years and what each expects during the next 50.”
The foreword continues: “Neither changed a word of his commentary after reading what the other had written. Warren’s thoughts begin on page 24 and Charlie’s on page 39. Shareholders, particularly new ones, may find it useful to read those letters before reading the report on 2014, which begins below.” The result is the magnum opus of Berskshire letter, one which weighs in at 43 pages and a massive 25,100 words compared to “only” 24 pages and about 14,700 words last year, and 15,300 the year before. Almost as if Buffett is telegraphing that this may be his last letter and savoring the moment…
But first, some of the details of Berkshire’s performance, which was not quite the magnum opus Buffett may have expected, after Berkshire Hathaway posted lower earnings for the fourth quarter amid investment derivative gains of $192 million.>> Read More