Senior Citizens listening to a discourse in the park

 

 

 

Mission of Senior Citizens :

LET US NOT THINK " WHAT CAN I GAIN?" BUT "WHAT CAN I CONTRIBUTE ?"-

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(Updated on 10th JULY 2010)

SPECIAL PROGRAMME:

The revised discussion paper on the Direct Tax Code

SUMMARY: The revised draft proposes complete tax exemption for Govt PF, Public PF and recognized PF as well as Pension scheme administered by Pension Regulatory Auth.
Retirement benefits will not be taxed irrespective of where it is invested. Taxable salary would be reduced to the extent of enhancement in monetary limits for medical facilities /reimbursements.
Rent from House property would be actual collection and up to Rs 1,50,000 would deductible but within the overall limit of Rs 3.00,000
Capital Gain from equity market whether short term or long term would be taxed at applicable.
for interest on housing loan.

The revised discussion paper on the Direct Tax Code (DTC) released by the CBDT has both good as well as bad news for the taxpayer.

First the good news; Public Provident Fund (PPF), other employee provident funds, New Pension Scheme and pure life insurance products and annuity schemes will not be subjected to the much dreaded EET system of taxation. Basically what this means is that your PPF and company provident fund will continue to remain tax-free as they are now. Also, EET would be applicable only prospectively i.e., the maturity proceeds of any investment made under the current EEE regime would remain tax-free.

In the case of house property, the original DTC bill had proposed to discontinue the Rs. 1.50 lakh interest deduction on housing loans for self occupied property. Also, rented properties were to be taxed on actual rent or a presumptive rent of 6% of ratable value whichever was higher. Where no ratable value was available, 6% was to be calculated on cost of acquisition. In a move that will bring cheer to all taxpayers, both these provisions are proposed to be dropped. In the case of house property, the original DTC bill had proposed to discontinue the Rs. 1.50 lakh interest deduction on housing loans for self occupied property. Also, rented properties were to be taxed on actual rent or a presumptive rent of 6% of ratable value whichever was higher. Where no ratable value was available, 6% was to be calculated on cost of acquisition. In a move that will bring cheer to all taxpayers, both these provisions are proposed to be dropped.

Now for the flip side. And the flip side is largely to do with tax on capital gains.

The revised discussion paper contains an innocuous but very significant modification in the way a capital asset is determined to be long-term or short-term. Currently, under the Income Tax Act (ITA), a long-term asset is one which is held for over three years. This period is reduced to one year in the case of financial assets such as equity shares and mutual funds.

The DTC proposes two major changes. Firstly, there is no distinction made between financial assets and other assets. Therefore, the period of holding would be uniform regardless of whether the asset is immovable property or gold or even equity shares. Secondly, for the asset to qualify to be long-term, it has to be necessarily sold anytime after one year from the end of the financial year (FY) in which it is acquired. For example, for an equity share purchased in say May 2011, for booking long-term capital gains, it needs to be sold after March 2013 and not May 2012.

This also means that the advantage of double indexation where mutual fund schemes were launched such that the actual holding period was marginally over one year but overlapped two financial years will be history. Secondly, currently, the holding period for all investors is uniform. Under the DTC, however, each case would be different. Someone who buys an equity share in say April would have to hold the share for approximately two years for it to qualify as a long-term asset. On the other hand, if the share is bought in say March, it would qualify as long-term upon the investor holding it for slightly over one year only.

the original DTC bill had proposed to impose extremely liberal tax slabs. For income between Rs. 1.6 lakh and as much as Rs. 10 lakh, the tax rate was just 10%. The 20% rate was applicable for the Rs. 10 lakh to Rs. 25 lakh slab and only those earning above Rs. 25 lakh were to pay 30%. This had indeed come as a pleasant surprise and exceeded, I am sure, every taxpayer’s expectation. But sadly, when something seems too good to be true, in all probability it is not. The revised Discussion Paper cryptically states that the indicative tax slabs and rates (as well as monetary limits for exemptions and deductions) proposed in the DTC will be decided while finalizing the legislation. Translated, this means that the liberal limits proposed originally are going to be significantly toned dow

!5-6-2010 is the World Elder Abuse Awareness Day declared by UNO. Our Government had declared a comprehensive National Policy of Older Persons in 1999 with clear directive in each of 98 paras of the Policy that provision made in each para will be done and no where words ``shall or may be done`` were used.Ministry of Social Justice entrusted to implement this Policy feels that Policy is for guidance only! All other Ministries believe that they are not concerned with Policy and only Nodal Ministry has to deal with the subject!! Only 6 States & UT's, out of 35 States and UT's, have so far accepted [not implemented ! ] this Policy,99. Remaining 29 States/UTs have not even taken cognizance of it. Even out of the 6 States/UTs, none has really implemented it to any considerable level!!

The Maintenance and Welfare of Parents and Senior Citizens Act, 2007 is implemented partially in only three States in three years! Senior Citizens in 32 States and UT's are still deprived of its benefits.

No State/UT has made any progress for providing Old Age Homes in each District, as mandated in MWPS Act, 2007.

Today the poorest among poor are Senior Citizens. The worst sufferers are the very old that is 65+ belonging to BPL category. 70% of them live in villages and survive by doing physical labour. They are miserable because they are unable to do hard work because of age related disabilities. The Indira Gandhi National Old Age Pension Scheme assured them minimum of Rs 400 per month pension which would have made their last few years little comfortable, but it was not to be. Out of 35 States and UT's, 24 have not bothered to look at this scheme. Among 11 which claim to have implemented it, it has become an instrument for extending political favour and majority of eligible are excluded. In Andhra Pradesh only Rs 200/- are paid and that too through self appointed community leaders and Panchayats, who pass on only Rs 100/- to Rs 150/-. Our random surveys showed that more than 50% of elders were deprived even of this.

 

CENSUS 2011

Census is the key for correct long term planning. If the data is faulty the decisions would also be faulty. For the success of the Census operation, the people's wholehearted cooperation is a must. For this the citizens should be apprised about the importance of this exercise. The task involves not only counting of the people but would also aid in the formulation of our future planning for our prosperity.Senior citizens should help their family members and others to give correct information to the ennumerators.
Unfortunately many of us, particulary the young, are prone to treat such exercises as waste of time.I hope the Census authorities ensure that the data form is publicised well in advane so that all can keep the information ready. One may also be encouraged to enter the data on line that can be verified and confirmed on location. This will reduce the burden on the team and also avoid to a great extent the mistakes committed during the ennumerations

 

 

 

This is how CIA operates

On the morning of Aug. 5, 2009, CIA Director Leon Panetta was informed that Baitullah Mehsud was about to reach his father-in-law's home. Mehsud would be in the open, minimizing the risk that civilians would be injured or killed. Panetta authorized the strike, according to a senior intelligence official who described the sequence of events. Some hours later, officials at CIA headquarters in Langley identified Mehsud on a feed from the Predator's camera. He was seen resting on the roof of the house, hooked up to a drip to palliate a kidney problem. He was not alone.
Panetta was informed that Mehsud's wife was also on the rooftop, giving her husband a massage. Mehsud, implicated in suicide bombings and the assassination of former Pakistani prime minister Benazir Bhutto, was a major target. Panetta told his officers to take the shot. Mehsud and his wife were killed.
This is how CIA operates as per a report in Washigton Post. It is a different matter that Mehsud's followers and their al-Qaeda allies vowed to avenge his death, and within months they put into motion a plan that culminated in a Dec. 30 suicide bombing that killed seven CIA officers and contractors at a base in eastern Afghanistan.

It has been CIA's long-standing practice of shielding its actions in Pakistan from public view. U.S. counterterrorism policies in the country are considered legal and highly effective. The current operations are built upon agreements made with Pakistan in the final year of the previous administration. The Obama administration has "been operating along the same continuum," said a former official.
Since 2009, as many as 666 terrorism suspects, including at least 20 senior figures, have been killed by missiles fired from unmanned aircraft flying over Pakistan, according to figures compiled by the New America Foundation as of mid-March. Killing by drone has drawn increased scrutiny from human rights activists, who say such strikes raise legal questions when used outside the traditional battlefield. CIA never bothers about such criticism as National interest overrides everything else.
Do we have the capability, political will and superpower support to take similar decisive action against our clearly identified enemies abroad?

 

 

GENERAL BUDGET

BUDGET 2010, A MIXED BAG : See detailed Comments in CONCESSIONS Page

NO NEW ANNOUNCEMENTS FOR SENIOR CITZENS.

IT exempt remains upto 2,40,000. Medical Insurance limit remains 20,000. Indirect benefits from general provisions would accrue. Additional 20000 allowed under 80CCC in respect of special Bonds of 10 years duration

New tax slab for senior citizens for financial year 2010-11 (Ass Yr 2011-12)
Taxable income (in Rs) Rate (%)
Up to 240,000 Nil
240,001 - 500,000 10
500,001 - 800,000 20
800,001 upwards 30

Measures and imapcts
Measure: Uniform, concessional 5% duty on all medical appliances
Impact: Cheers to good health

National Pension Scheme : Government insentive for accounts opened in 2010-11

(Details in concessions page)

RAILWAY BUDGET 2010

See details under CONCESSIONS page

 

TOPICS COVERED ON OTHER PAGES

ACTIVITIES:

Forum Activities

Recommendations of various panel discussions

Forthcoming Events

 

CONCESSIONS:

GENERAL BUDGET

RAILWAY BUDGET

RETIREMENT INVESTMENT

National Pension Sheme

What is Section 80C of IT Act

Quoting of PAN

Reverse Mortgaging (Updated)

LONG TERM CAPITAL GAINS ON PROPERTY SALE

HEALTH:

Swine Flu Article

Health Chekup Planned

Dental care

Heart Care

Arthritis

 

NEWS:

Important artiles on current affairs

Articles of interest to senior itizens

 

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• start walking to nearby places instead of using vehicles
• Don't litter your surrounding,make groups to clean your area regularly.
• Don't use running taps, repair your leaking taps to save water.
• Plant a tree or grow a garden. Plants turn carbon dioxide into the oxygen we need to breathe. Trees also help keep the soil from eroding away, and they give animals like birds and squirrels a place to live. You can grow plants inside, too. Try growing some salad greens or herbs, that you can eat, on your windowsill.
• When you don't have far to go, try riding your bike or walking instead of getting a ride in a car. You'll help save energy, lessen the amount of air pollution, and you'll keep healthy and fit, too!
• Turn off the lights when you leave the room, and turn off the radio and TV when you're not using them.
• Did you know that you can save an average of 9 gallons of water if you turn the faucet off while you're brushing your teeth ?
• Help keep the Earth beautiful by helping to keep your neighborhood clean. Why not help organize a Litter Clean-Up Day at your school or in your neighborhood...
• Recycle cans, bottles and newspapers. This reduces the amount of trash that ends up in our landfills. Most communities recycle. Does yours?
  

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What are the seven secrets of success? I found the answer in my room!
Fan said: BE COOL,
Roof said: AIM HIGH,
Window said: SEE THE WORLD,
Clock said: EVERY MINUTE IS PRECIOUS,
Mirror said: REFLECT BEFORE YOU ACT,
Calender said: BE UP TO DATE,
Door said:PUSH HARD FOR YOUR GOALS!...... ........ Good day

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An effort to keep senior citizens informed of the activities undertaken by the forum and provide them with information relevant to them.

 

JOIN US IN OUR EFFORT TO ENLIGHTEN & ASSIST SENIOR CITIZENS: Ours is a voluntary and self financing organisation. We would like to exchange useful information, news and views with the fellow senior citizens every where through the medium of this web site. Please help us in propagating this site and share your wisdom and useful information with us. Anything, that helps us in meeting our objective of serving the poor and needy senior citizens around us, is welcome.

'Are we vigilant about future terrorist attacks' The country has faced many terror attacks in the past. The recent attack in Mumbai indicated that the terrorists are very well trained and supported by agencies from both inside and outside our country. The sole aim of these people is to create a chaos and maximum destruction. They are ready to sacrifice their life to kill innocent people. Centre and State Governments have the duty to give first priority to protecting the life and property of its citizens apart from effectively administering the country. Repeated terror attacks have shown that our police, who are the first to face the terrorists, are not able to be very effective due to their lack of training and equipment. Another reason for failure is that the common citizen remains unconcerned about his duties and rights in such a situation. Most of us tend to see, as clearly demonstrated in Mumbai, such attacks as a "Tamasha".

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