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Tax on disability pension

 Tax on disability pension The government has withdrawn a circular of February 20 that had directed banks to deduct income tax on pension and disability benefits provided to disabled retired military personnel. Previously   Although the letter provided exemption to those invalidated from service due to bodily disabilities, the sudden deduction of tax liabilities by the banks led to a public outrage, forcing the government to keep the decision in abeyance. Also Ø The entire pension and disability element of pension in all the categories is exempt from payment of income tax. Ø But the Central Board of Direct Taxes{CBDDT} had said that tax exemption on disabilities pension would be available only to personnel who had been invalidated from service and not to personnel who had retired otherwise.     
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Mukesh Ambani no more Asia's richest man

According to the Bloomberg Billionaires Index, Chinese billionaire Jack Ma , the founder of e-commerce major Alibaba Group has toppled Ambani to get the top spot in Asia Background The persivering concerns of severe impact of the coronavirus epidemic coupled with the recent carnage in the oil markets  have erased $5.8 billion from the RIL chief's net worth. Stock markets across the world have been feeling the heat . Be it India or US , stock prices have come tumbling down because of coronavirus and fluctuation in the crude oil prices. Details ➤ Ambani's current net worth amounts to $41.8 billion, while that of  Jack Ma  stands at $44.5 billion. Globally, Ambani is the 19th richest man just behind  Jack Ma  who is at the 18th rank. ➤ The shares of  Reliance Industries  (RIL) recorded its worst fall in around 10 years on Monday as it fell to a low of Rs 1,094.95 per share. what is bloomberg billionaires index? ➤  The...
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Economic Relief Package #{India}

The government has unveiled the first set of measures to address the looming economic distress set off by the shutdown of business and destruction of demand.   Background The announcements come when the government is hard-pressed to create the headroom for additional spending in a fiscally difficult year. Details Ø Union Finance Minister Nirmala Sitharaman announced a package that aims to provide, for the next three months, free food to the “poorest of the poor”, some income support to farmers and unorganised sector workers, a Rs 50-lakh medical insurance cover for health care staff and a Rs 500-transfer to women Jan Dhan account holders. Ø Officials indicated that a package for the MSME sector and a broader income-support scheme for migrant and farm workers, which was being expected, are likely to follow. Ø The government has unveiled the Pradhan Mantri Garib Kalyan Yojana to provide free wheat, rice and pulses to nearly 80 crore people across...
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