Budget special!!

M

MAGNeT

Skilled
Well LCD tv And mobile will be cheaper just declared(dont know in mumbai abt mobile as state has increased VAT on it)....

gold will have 200rs per 10 gram custom duty..so expensive

computer and software cheaper...

So please share your comments...

I think change in Personal tax limit is damn pity.....they still keeping the limit below 2lakhs and increasing it frm 1.5l to 1.6l

Sernsex down 700+ points.....bank shares leading the -ive race...with 9-10% lost.....reason cheaper loan at 1% interest to farmers
 
no increase in 80C limit...in all no benefit at all....

hardly 1k benefit for indiviual tax payers who earn below 10lakhs a year..

if its above 10 lakhs..say 15 lakhs than ull get 30-40k less tax paying..since surcharge gone which was applied above 10 lakhs

.....in all nuthin good i would rate in at 0.05 from 10
 
^ my views exactly. i'd rate it -1/10.

the main aim of our finance minister's is to make money for govt and to tax people in new ways every year.
 
6pack said:
^ my views exactly. i'd rate it -1/10.

the main aim of our finance minister's is to make money for govt and to tax people in new ways every year.
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YA...the biggest shame so far i guess what they call the marvel of mumbai BANDRA-WORLI sea link....u make a bridge from public money and than want the ppl to charge for using it.....on contrary goverment should had give to private companies like tata L&T and if they apply toll for 10-20 years...no bad....atleast the bridge would had been ready ard 5 years back..

Plus no infrastructure tax saving bonds.....with that they could have taken money......plus some benefit to us could have been passed....tomm god forbid if some natural calamity happens be ready to pay surcharge again.....no doubt.....

Plus pension money will b taxed....before it comes to your hand......ill shift my money to ppf or will buy physical gold rather than keeping in it
 
MAGNeT said:
YA...the biggest shame so far i guess what they call the marvel of mumbai BANDRA-WORLI sea link....u make a bridge from public money and than want the ppl to charge for using it.....
Click to expand...

Gov requires money for maintenance also
 
Latest Budget News (2009-10):

• Budget spells out the target for the UPA: To bring back the 9% growth

• Commodities Transaction Tax (CTT) to be scrapped

• 10% surcharge on personal Income tax scrapped

• Fringe Benefit Tax (FBT) to be scrapped

• IT exemption limit for Women hiked to Rs 190,000

• IT exemption limit for Senior Citizens hiked to Rs 240,000

• Rs 12000 crore earmarked for expenditure on rural roads in FY 2010

• Drugs related to heart diseases to be cheaper

• Service Tax to be now apllicable on law firms

• Bio-diesel custom duty lowered

• Customs Duty on import of Gold and Silver increased

• Branded women's jewellery to be cheaper

• Rs 16300 Crore to be set aside for the upcoming Commonwealth Games

• IITs and NITs to get Rs 2113 crore

• Corporate Tax unchanged

• One rank-one pension scheme to be in place for Ex-Servicemen

• National Ganga Project allocation to go up to Rs 562 Crore

• Unique Identification (UID) project under Nandan M. Nilekani to be out in 12-18 months

• NRHM allocation to be raised by Rs 257 crore

• A national level action plan in place for climate change

• National Employment Exchanges to be modernised

• Interest subsidy for home loans up to 1 lakh

• Indira Awaas Yojna bolstered up by 63% to Rs 8883 crore

• Saral 2 forms to simply tax filing process

• Emphasis on fertiliser subsidy reaching out directly to farmers

• Petroleum price expert panel to set petroleum prices which would be in sync with the global levels

• Rashtriya Krishi Vikas Yojna allocation increased by 30%

• IIFCL, a new company would look into the infrastructure needs

• Extension of farm loan waiver scheme by 6 months

• Allocation of National Highway Authority of India (NHAI) increased by 23%

• Fiscal stimulus at 3.5% pf the GDP

• Small scale businesses to be exempted from advance tax

• 50% reduction in the Custom Duty on LCD panels

• Set top boxes to be costlier

• Goods and Services Tax (GST) to be in effect from April, 2010

• Textile units to enjoy continued tax holidays

• Pranab praises the 3 stimulus packages which were rolled out by the UPA to fight the global economic meltdown

• Signals of revival in the domestic market: Pranab Mukherjee
 
Roxtin said:
Gov requires money for maintenance also
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I gave an example..that giving it totally to private entity..it could have been made earlier rather than wasting time till 2004 in court cases...

Now a bigger shame will be the extension from Worli to Haji ali one.....thats approximation is coming ard 5800 crore....(BW sealink made in 1.6k crore)...now till when its made it will be ard 12-15k crore no doubt...
Now to solve the problem u have alternate route...for jus 200-300 crore rupees...that is..fly over at pedder road.....jus becoz of lata mageskar they not going ahead with it..cant they get her 100 crore house somewhere else....and make a flyover...on contrary again our money will go down the coffin....and who guarantees not 100-200 crore is not made by a political person or bunch of it...

I m against taxing for using stuff within same city..plus why toll taxes being charge 4 stuff were introduce for 30 years basis abolished? or why mumbai pays octroi vat both..whereas the purpose of vat was to abolish other taxes like octroi
 
Some more updates:)

  • Full exemption from excise duty on branded jewellery
  • Excise duty on petrol-driven small trucks reduced to ten percent
  • 100% deduction in donation to electoral trusts
  • 10% surcharge on personal income tax removed Fringe Benefit Tax abolished Commodity Transaction Tax abolished
  • Female tax payers exemption limit raised by Rs 10,000
  • For senior citizens personal tax exemption limit raised by 15,000
  • For all, tax exemption raised by Rs 10,000 from Rs 1,50,000
  • No change in corporate tax
  • New direct tax code in 45 days
  • Minimum Alternate Tax on book profits increased to 15 percent from 10 percent
  • Share of direct taxes has increased to 56 percent in 2008-09 over 41 percent in 2007-08
  • Farm loan waiver period increased by six months
  • Allocation of railways increased to 15,800cr
  • Fiscal stimulus of 1,86,000cr provided
 
Roxtin said:
Gov requires money for maintenance also
Click to expand...

Yeah, but its not like people are paying the taxes only once. Is it ;)

Overall the changes in Personal IT is pitiful. I hoped for decent limit increase or at least change in the 80C limit considering most companies do not/did not have any increments this year.
 
Gaurish said:
Some more updates:)

100% deduction in donation to electoral trusts
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Sorry.....does it mean i transfer my total gross income to say a party XYZ and whose leader is myself.....and no tax applies on me?
 
people complaining abt the tax rates look at the budget defecit..these guys need money for improvement..I agree abt corruption and all, but this is a nice budget..

I believe separate policies will be issued on different things that the people were expecting..
 
hmm just got to know abt small time trader who has business below 40 lakhs turn over(in which i m counted) 8% will b counted as there income...and no need for all books and stuff to b maintained(waiting for clearity now....)

But still salaried guys got nuthin much especially who are below 10 lakh limit
 
MAGNeT said:
Well LCD tv And mobile will be cheaper just declared(dont know in mumbai abt mobile as state has increased VAT on it)....

gold will have 200rs per 10 gram custom duty..so expensive

computer and software cheaper...

So please share your comments...

I think change in Personal tax limit is damn pity.....they still keeping the limit below 2lakhs and increasing it frm 1.5l to 1.6l

Sernsex down 700+ points.....bank shares leading the -ive race...with 9-10% lost.....reason cheaper loan at 1% interest to farmers
Click to expand...
LCD cheaper,
Mobiled hiked,
set top box hiked.
don't know abt PC Peripherals
 
MAGNeT said:
But still salaried guys got nuthin much especially who are below 10 lakh limit
Click to expand...

It's simple dude, most of those earning less than 10 lakhs are young independent people for whom money is more for luxury.Greater than 10 lakhs are the majority of the corporates who are earning to support a family and have been hit hardest by no increments and bonuses so this is kinda relief for them.

This is the only logic i can make out.
 
Speedz said:
It's simple dude, most of those earning less than 10 lakhs are young independent people for whom money is more for luxury.Greater than 10 lakhs are the majority of the corporates who are earning to support a family and have been hit hardest by no increments and bonuses so this is kinda relief for them.

This is the only logic i can make out.
Click to expand...

LOL, you make it sound as if all married people have salary above 10L and all bachelors below 10L. Its not like any one who marries will automatically have his salary bumped above 10L. There are countless people in the country who have families to take care of and salaries nowhere close to 10L.

In fact its the people in the 5~10L that need Tax relief if at all its reqd. People with < 5L have lower tax percentages and a major chunk of it already exempted. People above 10L get a lot despite the huge tax cuts. Its the people in the 5~10L range that have the max impact due to the 30% tax cut.
 
A very poor budget indeed. Nothing for the common man who is having to deal with the fear or uncertainty of losing his/her job and pay cuts while prices keep on rising.

They could have definitely raised the exemption on home loans. This is a very serious matter. What about simple mercies like increasing tax exemption on transport and education?

It looks like they are retarded and totally out of sync with today's times and the expectations of the common man. A good opportunity to score good points (and perhaps votes) with the common man wasted I must say.
 
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