1. The govt employees euphoria may not last long in case the provisions of income tax are not amended in relation to sixth pay commission recommendations.
2. As all know that 40% arrears will be paid this year and balance will be paid in next financial year. However income tax law states that the tax will be deducted for full 100% of the arrears in the same year in which the same has been announced. So dear Finance Minister please make amendment to IT rule by a circular so that the amount of income tax is deducted as per the arrears given in the concerned year.
3. Even transport allowance exemption is only upto Rs 800 and thus if you get rs 1600 than you are bound to pay additional income tax. So here also I will request FM of India to undertake the amendment to the income tax.
4. Thus do not be ready with your shopping bags till the time the amendment is not made in the deduction of income tax.
5. For e.g. if amendment is not made and an individual gets Rs 1 lakh as arrears in total and thus gets Rs 40,000 in this year than his tax liability stands close to Rs 34000. Hence this individual will be only left to make the sun shine with bare Rs 6000.
6. So Long live VI pay commision provided Finance minister acts.
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