Share ur Budget thoughts

Status
Not open for further replies.
Being.smart

Being.smart

Galvanizer
Damm they increased import duty on mobile phones again, now importing mobile phones will cost import duty in the range of 17-22% :( :(

10% basic customs duties on telecom products, to discourage imports
 
C2.JPG


C1.JPG
 
  • Like
Reactions: xenaxance
This type of cynical thinking can only be expected from @Being.smart
As a salaried person I see this as a positive budget.
For people having a CTC of >5L - 6L it will directly result in a savings of 1- 1.2L.
So thats welcome step.
Also both the rail budget and fin budget were not concentrated in one corner of the nation from where the minister is or not only focussed in boot licking the gandhi nehru clan.
Dont forget this govt again has to present a new budget in 7months So what was tabled today was good enough.
Also they have to face assembly elections in few states so some extra attention was given there.

For those who think that Rs200CR for Sardar Patel statue is waste let me educate them that
this will boost tourism and generate more revenue for the state and center.
In Rio de Generio over 2million people visit only to see the Christ the reedemer statue....
And from a diff angle if we have so much of gandhi nehru kachra why should we ignore leaders who played such a giant role in todays united India.
So stop being Raul Gandi and think more like an India.
Modi is only 45days old in office. Give him some more time and then crucify him. If he does not delivery half of what he promised even I will join you :)

For now I am happy with both the Rail and General Budget. More can be done but this is a very good start.
 
Last edited:
  • Like
Reactions: abhishek2600, maddy_in65, shadow747 and 7 others
I agree about the statue. I know it looks waste but can boost tourism.
You go to NYC and don't go to Statue of Liberty...almost impossible for a tourist.
 
Being.smart said:
Damm they increased import duty on mobile phones again, now importing mobile phones will cost import duty in the range of 17-22% :( :(

10% basic customs duties on telecom products, to discourage imports
Click to expand...

Where have the Mentioned the Current 2014 Custom Duty of Mobile Phones will be 17-22%
 
onlyravi said:
For people having a CTC of >5L - 6L it will directly result in a savings of 1- 1.2L.
Click to expand...

How?
The increase in 80C limit by 50k, PPF limit by 50k and home loan interest by 50k will give you a max benefit of 35k per year.
How did you arrive at the saving of 1L?? Did I miss something?

Btw, I am quite neutral to the budget. What I am waiting for is the implementation in the next 2-3 years. So far, I am optimistic of a positive change.

Regards,
Mohit
 
amohit said:
How?
The increase in 80C limit by 50k, PPF limit by 50k and home loan interest by 50k will give you a max benefit of 35k per year.
How did you arrive at the saving of 1L?? Did I miss something?

Btw, I am quite neutral to the budget. What I am waiting for is the implementation in the next 2-3 years. So far, I am optimistic of a positive change.

Regards,
Mohit
Click to expand...
:) NP.
Now you can pay additional 50k as interest towards the homeloan Which today even if you did were counted against your taxable income. so this 50K.
Same for 80c now you can invest additional 50K there. Either in any kind of savings or towards payment of principal of home loan. So earlier this amount was taxable.
Total 1L gone towards your non taxable income. The tax that you pay for this 1L @ 20% is about 20k. If the loan is shared between husband and wife and wife is currently in 10% bracket then also you end up with total savings of 1.25L or more.
BTW this figures will differ from individual to individual and as per their current loan and saving structure.
But most of the salaried people stand to reap maximun benefit from this as 80C is generally exhausted by PPF and LIC only. Now ppl can make better use of it.

These new rules will come into effect FY 2014-15.
 
We cannot add the 50K extra investment in 80C and extra 50K tax free interest paid on loan as savings.
For person in 10% bracket - Max saving 15K
For person in 20% bracket - Max saving 30K
For person in 30% bracket - Max saving 45K

Assuming you have a EMI with interest component annually at least 2 Lakhs.

EDIT: Added details for Home load EMI
 
Last edited:
In this budget , a good attention given to NE states to improve road, rail connectivity . Dedicated new channel , and some other stuff. I believe, that is an important step which many people ignore and access budget based on income tax exemption limit only.
 
  • Like
Reactions: adaneam, mathrisk and onlyravi
^ 1L what you mentioned is the additional income for which you dont have to pay tax. Its not the "saving". Based on the highest tax slab of 30%, we could save, 10% of 50k (lowset tax slab increase from 2L to 2.5L) + 30% of 50k (changes in 80c) + 30% of 50k (changes in home loan interest).
Btw, it dosen't matter if the home loan is co-owned. The limit still stays at 2L. If your spouse is sharing the EMI payments, you share the tax exempted interest payments among you. As per law, both of you cannot claim 2L each exemption for the same loan. Thanks to digitization of property transaction records and PAN card details collected at time of property purchase this anomaly can now be caught by IT dept. Its a different story that they may not be doing it at the moment.

Regards,
Mohit
 
Being.smart said:
Damm they increased import duty on mobile phones again, now importing mobile phones will cost import duty in the range of 17-22% :( :(

10% basic customs duties on telecom products, to discourage imports
Click to expand...

Where?
On TV they are touting that mobile phones will become cheaper.
 
^^ In case of joint home loan, both can take 1.5L(now 2L) each of exemption. which makes a total of 4L exemption.,
 
amohit said:
^ 1L what you mentioned is the additional income for which you dont have to pay tax. Its not the "saving". Based on the highest tax slab of 30%, we could save, 10% of 50k (lowset tax slab increase from 2L to 2.5L) + 30% of 50k (changes in 80c) + 30% of 50k (changes in home loan interest).
Btw, it dosen't matter if the home loan is co-owned. The limit still stays at 2L. If your spouse is sharing the EMI payments, you share the tax exempted interest payments among you. As per law, both of you cannot claim 2L each exemption for the same loan. Thanks to digitization of property transaction records and PAN card details collected at time of property purchase this anomaly can now be caught by IT dept. Its a different story that they may not be doing it at the moment.

Regards,
Mohit
Click to expand...

Either you are paying that amount to repay your loan and get tax exempt or you are investing it to get it back few years later and also getting tax exempt. So its savings ....
The tax saving will be 10k to 60k (as per the slabs and if you consider your and your wife's savings. as home loan can be shared)
Earlier even if you spent these extra 1L they were not tax exempt so now you are actually saving that right?
 
Last edited:
There is no mention of customs duties on mobile phones in those 2014-2015 custom tariff papers.But what they have mentioned is taxes on telecom video line equipment.


All the below are now exempted from custom duties,so locally manufactured lcd/led tvs will become cheaper.
1 The following goods for use in the manufacture of Liquid Crystal Display (LCD) and Light Emitting Diode (LED) TV panels of heading 8529, namely:-
(i) Open cell (15.6” and above);
(ii) Plate diffuser;
(iii) Film diffuser;
(iv) Reflector sheet;
(v) Film, top;
(vi) Film, middle;
(vii) Film, bottom;
(viii) BAR, LED;
(ix) Cushion /Gasket;
(x) Bezzal;
(xi) Back cover sheet

2
"Inputs or components for use in the manufacture of personal computers (laptop or desktop) including tablet computers falling under heading 8471"
(So does it mean computer components will be cheaper for us or just to companies like dell,hp etc.) ?

3
Baggage exemption limit raised to 45k from 35k and for people who stay less then 3 days from 15k to 17k
 
rdst_1 said:
Where?
On TV they are touting that mobile phones will become cheaper.
Click to expand...
Mobile phones will be cheaper and so will be the computers in India. This will be for products that will be manufactured in India. But, the government decides to put 10% basic customs duties on telecom products, to discourage imports. Since India is a major market for telecom products like phones and tablets that are mostly imported, be it iPhones, Nexus handsets or cheap phones from the Indian smartphone companies. This could result in increased prices of imported telecom goods, including phones and tablets. The government is yet to explain if this is going to impact the smartphone market.

http://daily.bhaskar.com/article/GA...vs-10-duty-on-telecom-produc-4675605-NOR.html
 
  • Like
Reactions: Being.smart
Status
Not open for further replies.
Top Bottom