Karnataka - Mysore   

Forum plea to continue income tax exemptions

Staff Correspondent

MYSORE: The Mysore unit of People for India Forum has resolved to urge the Central Board of Direct Taxes (CBDT) to continue all the existing exemptions and deductions under the Income Tax Act 1961.

According to a press statement from convener of the forum L. Jagannath, a round table meeting was organised by the People for India Forum in Mysore recently to elicit public opinion in the wake of CBDT's invitation for comments on the removal or continuance of exemptions and deductions under the Income Tax Act.

The meeting unanimously resolved that all the existing exemptions available to income tax payees must continue.

"These exemptions are acting as an incentive to save and such domestic savings have contributed largely to the growth of Indian economy," Mr. Jagannath said.

The CBDT, in its circular, had sought opinion from the public on almost all the exemptions presently available to the income tax payees viz. Provident Fund, gratuity, Life Insurance premium, interest paid on housing loan, pension, professional tax, VRS funds and scholarships.

The meeting was presided over by Chairman of People for India Forum's Mysore unit J.R. Lakshman Rao, the press statement said.

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