M A I N   N E W S

IT exemption limit may go up

Mumbai, February 20
The Union Government is contemplating to propose a hike in the income tax exemption limit from the current exemption limit of Rs 10,000 to over Rs 20,000 under Section 80 CCC (1) of the IT Act, 1961, in the forthcoming Union Budget.

Indicating this, industry sources told UNI that proposals were afoot to bring certain reforms in the insurance and pension funds to canalise household individual savings to long-term investment schemes starting from 10 to 30 years so that the infrastructure development projects across the country gets adequate fundings with long-term gestation period.

“The Budget would be focused on savings for long-term instruments as Section 88’s orientation is undergoing certain changes by the Finance Ministry,” said a senior official from an insurance firm. UNI

Pbi varsity V-C gets stay on arrest
Our Correspondent

Patiala, February 20
The Vice-Chancellor, Dr J.S. Ahluwalia, today obtained a stay on arrest order till February 26 from the court of Sessions Judge S.N. Agarwal in face of the FIR lodged against him by Ms Saru Rana and moved an application for granting of anticipatory bail.

In his bail application, Dr Ahluwalia denied the allegations levelled against him and said the charges had been made to tarnish his image.

The other three co-accused have also obtained stay on their arrest till February 26.

Meanwhile, the Panjab University Teachers Association led by Dr N.S. Atri demanded that not only should Dr Ahluwalia be sent on leave immediately but also his entry in the university should be banned till he was cleared of the charges against him.