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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 Tax on disability pension The government has withdrawn a circular of February 20 that had directed banks to deduct income tax on pension and disability benefits provided to disabled retired military personnel.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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India Unemployment Rate Increased After Lockdown

The Centre for Monitoring Indian Economy (CMIE) has said that the unemployment rate shot up in March. The employment rate in the economy fell to an all-time low of 38.2 percent in March 2020. Background With the coronavirus outbreak severely affecting every country, its impact on an already hobbling Indian economy is set to be devastating if the latest data on unemployment rate is taken as an indicator.  Details   Ø The Labour Participation Rate (LPR) in March 2019 was 42.7 percent. This is the first time the LPR has fallen below 42 percent. Ø The monthly figures from the CMIE that were released recently also show a curious inversion. In urban India, unemployment among the uneducated is at a higher level than those with a graduate degree (13%), for the first time since early-2016. Ø Most of the people are employed in service sector jobs in construction, repair, or unorganized transport, all of which have come to a standstill due to the current lockd...
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