FM revises tax slabs to give more money to consumers

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Lord Nemesis

Lord Nemesis

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New tax slabs have been proposed in the union budget proposal

In a relief to individual tax payers, the government changed the slabs cutting the rate to 10 per cent for income up to Rs five lakh, while leaving the threshold limit for tax-free income unchanged at Rs 1.6 lakh.

Income between Rs five lakh to Rs eight lakh will attract 20 per cent tax against the current slab of Rs three lakh to Rs five lakh. Earlier, the income between Rs 1.6 lakh and Rs three lakh was taxed at the rate of 10 per cent.

In case of income over Rs eight lakh, tax would be levied at a rate of 30 per cent -- which was hitherto applicable on income above Rs five lakh.
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60% tax payers to benefit with new tax slabs: FM - Union Budget 2010 - Home - The Times of India
 
Mukherjee also gave another relief to individual tax payers by raising the existing limit of Rs 1,00,000 on tax savings by an additional amount of Rs 20,000 for investments in long-term infrastructure bonds.
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[sarcastic] wow! 20k!! [/sarcastic]

in these hard times it should have been increased to atleast 3 lacs. Maybe all the indian fm's till now don't want people to invest and save money.
 
@6pack - Dude appreciate what we have already got now. The limit for investments have been raised, the income tax rate has also reduced.
 
What about the 10-20% increase in prices of essential commodities in last 3-4 months?

All our FM's do is decrease tax on one side and increase it more indirectly on other sides.

They won't stop in this game until people do a uprising or revolt on them.
 
6pack said:
What about the 10-20% increase in prices of essential commodities in last 3-4 months?

All our FM's do is decrease tax on one side and increase it more indirectly on other sides.

They won't stop in this game until people do a uprising or revolt on them.
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Well the govt does need to get money from somewhere or the other to cover all that senseless public property destruction and other losses due to govt maintained services whenever a bunch of idiots somewhere in the country find some silly reason to protest in a disruptive manner.
 
gforce said:
No change for me - 30%. :( Why can't the bozos decrease our tax rates?
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You still save around 50k in tax.

But the price inflation of basic goods has ruined everything over the last 2 years. Im unhappy with this budget. They shld have brought in the DTC.

Lord Nemesis said:
Well the govt does need to get money from somewhere or the other to cover all that senseless public property destruction and other losses due to govt maintained services whenever a bunch of idiots somewhere in the country find some silly reason to protest in a disruptive manner.
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Add to that the "well educated" rtards who evade tax by inflating their bills and HRA. Honest ppl have to subsidise the criminals and suffer lower quality of life :(
 
All of this comes into effect from April 2010 isn't it ?

Given we are still in 2009 financially speaking no relief till next year.

So what Magnet hinted at some time back has come to pass :)

The entire opposition walked out of the Lok Sabha during the presentation of budget by finance minister Pranab Mukherjee, dubbing it "highly inflationary" as he partially rolled back the stimulus by hiking the ad velorum component of excise duty on large cars and multi-utility vehicles by two per cent to 22 per cent.
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What do ppl think about the inflationary possibilities here ?
 
SInce DTC will come from next year(financial year)...No basic change has been done..Keeping that in mind...Ya agreed nothing have been given to aam admi...but the one who watches tv all day for budget is not an aam admi..though it tries its best to be in minimum limit including me...

Though many will save in taxes but ofcourse inflation is there to worry people....

But nothing much can a government do when there is less rain,agricultural land keeps on decreasing because of land mafias and all.The government should have made a regulatory committee like TRAI for affordable housing since the whole sector is irregular ...in 5 years price increases 200-400% than a single year price corrects to 30%..and now again at same level of 200-400%..We are just waiting for bigger bubble might burst with bad news coming from CHINA...

Regarding petrol,diesel..Opposition just have to fool the people of the country(to show we care for you...if they really care they would have increased the price of food items in parliament canten...U people wont believe..this idiots enjoy non veg thali for as low as 22 rs per plate

No food inflation in Parliament canteen | Deccan Chronicle )

.It had to be done today or tomorrow ..I appreciate pranab facing it and doing it in parliament else within a week Murli deora would had done same...

In all u did not got much but its still better than last 10-15 years budget...Also since from next year we will move into a new tax format nothing very drastic done...

Also audit limit increased to 60 lakhs was a good move for businessmen like us..though dil mange more

Also we need to wait for the fine prints...because last year too i jumped all over here for the direct tax code...but later came to know all will come under EET regime plus no LTCG term everything will be taxed

This year 2 doubts so far

1:: Fm said 1.6L slab...he did not mentioned about ladies and SC limit..Does it mean for them also slab its 1.6L.(since for income tax officer the words not mentioned mean its applies to all...they take it literally)

2:: 20k investment in long term infrastructure bonds is above 80c 1lakh limit or it comes within it ?
 
The government should have made a regulatory committee like TRAI for affordable housing since the whole sector is irregular ...in 5 years price increases 200-400% than a single year price corrects to 30%..and now again at same level of 200-400%..We are just waiting for bigger bubble might burst with bad news coming from CHINA...
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Thats just the market. Price fixing only increases shortages. Irregular means not regulated, ie free :)

1:: Fm said 1.6L slab...he did not mentioned about ladies and SC limit..Does it mean for them also slab its 1.6L.(since for income tax officer the words not mentioned mean its applies to all...they take it literally)
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I was having this discussion the last week and could not understand the basis for differrent tax rates for women over men.
 
blr_p said:
Thats just the market. Price fixing only increases shortages. Irregular means not regulated, ie free :)
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If there is an agency it can keep a tab on it

What basically happens is this

Are the banks keeping property prices up? - dnaindia.com

I was having this discussion the last week and could not understand the basis for different tax rates for women over men.
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Its basically some sort of treatment they give because u can gift to your friends wife....but u cant gift to your own wife lol
 
blr_p said:
Thats just the market. Price fixing only increases shortages. Irregular means not regulated, ie free :)

I was having this discussion the last week and could not understand the basis for different tax rates for women over men.
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price fixing or not, there is always a shortage of housing. The people here are multiplying like rabbits, richer people are driving the prices up by investing in extra homes to rent out, builders hiking it for profit and paying back their loans, etc.
There is no one single reason for the shortage here.

Basis for having different tax slab might be because the government wants to appeal to the working women and the retired class. They think that a lower tax for the working women will translate to better vote banks to them.
Also retired people will thank them for getting more money in their savings account.

Also they think that the women end up paying for the household goods, children's fees, and all those home running costs. Nice thought on their part. But most working women end up having their own bank accounts separately, and usually, the person who ends up paying for almost everything is the man, who ironically has to pay a lot more tax compared to his spouse.
 
blr_p said:
I was having this discussion the last week and could not understand the basis for differrent tax rates for women over men.
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Well I never understood what it achieves (definitely not the upheaval of women). Maybe except for the fact that some women somehow do not feel equal to men unless they get special treatment/privileges. (Similar to the way some women like to express their equality with men by cutting to the counter at long queues saying that they have equal rights :rofl:)
 
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