Author Topic: News related to Tax Slab in India  (Read 7635 times)


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News related to Tax Slab in India
« on: March 09, 2012, 07:40:28 PM »
Raise IT exemption limit to Rs 3 lakh, says Par panel on DTC

Ahead of the Budget, a Parliamentary panel that scrutinised the Direct Taxes Code (DTC) Bill has suggested that income tax exemption limit be raised to Rs 3 lakh per annum, and the investment limit for tax savings schemes be hiked to Rs 3.20 lakh.

In its report, which was submitted to the Lok Sabha Speaker Meira Kumar today, the Standing Committee on Finance suggested that the wealth tax limit be pegged at Rs 5 crore, while the Securities Transaction Tax (STT) be abolished. As regards the corporate tax, the Committee, which is headed by senior BJP leader and former Finance Minister Yashwant Sinha, recommended that the rate be retained at 30 per cent.

The report will pave the way for debate and passage of the DTC Bill, which seeks to replace the Income Tax Act, 1961, by Parliament.

11 Expectation by Salaried person from Budget -12

March 9, 2012 | NEWS
1. Increase in tax exemption limit:
The exemption limit is expected to be increased from Rs 1,80,000 to Rs 3,00,000. This will increase the disposable income of the salaried individual and would be a welcome change.
2. Realignment of Income tax slab:
Currently, the highest tax rate of 30% is applicable to income above Rs 8,00,000 per year. This limit could be enhanced to Rs 10,00,000 thereby resulting in some savings and also aligning the slabs with the proposed Direct Tax Code (DTC).
3. Increase in deduction amount under section 80CCF of the Income tax Act, 1961 (Act):
Given the focus on Infrastructure development, one can look forward to higher deduction for investment into infrastructure bonds u/s 80 CCF. Currently, the deduction limit u/s 80CCF is restricted to the extent of Rs 20,000 and the proposed DTC does not provide this deduction.
4 .Deduction of interest repayment under the head Income from House Property:
Under the current tax laws, the repayment of interest amount towards purchase/ construction of a self occupied house property is eligible for deduction to the extent of Rs 1,50,000. In view of the raising property prices, the deduction limit could be enhanced. This could bring a relief to the salaried individual who has borrowed and invested in a self occupied residential house.
5. Removal of provisions relating to deemed let out house property:
Currently, if an individual has two house properties which are self occupied, one house property will be treated as self occupied and the other will be treated as deemed let out house property. The taxation is done based on the deemed rental value. Considering that the determination of notional rental value could lead to unnecessary litigation, this provision can be done away with and the proposed DTC also suggests the same.
6. Deduction limit under section 80C of the Act:
Increase in deduction limit under section 80C could enhance the disposal income for salaried individual. Considering the type of investments that are covered under this section, the present deduction limit of Rs 1,00,000 could be increased. Recently, the limit for PPF has also been increased from Rs 70,000 to Rs 1,00,000.
7. Transport Allowance:
Considering the inflation and rise in fuel cost, the exemption limit for transport allowance to meet expenditure of commuting from residence to the place of work may be increased from the current limit of Rs. 800 which is not comparable to the expenditure levels.
8. Children Education Allowance:
The exemption limit for Children Education allowance may be raised from the current limit of Rs.100 per month per child for maximum 2 children or actual expenses, whichever is less.
9. House Rent Allowance (HRA) exemption
Considering the increase in rental amounts, the exemption allowed under section 10 (13A) of the Act could be increased by the Government.
Under the current tax laws, the exemption is limited to the least of the following -
- Actual HRA received
- Rent paid in excess of 10% of salary
- 40% of salary or 50% of salary (in case of metros)
The salaried class will benefit if the Government re-looks at the above formula which provides little benefit to the salaried class who pays rent.
10. Reimbursement of Medical Expenses:
Considering the present cost of medical facilities and medicines, the exemption limit could be increased from the current limit of Rs 15,000. The DTC has proposed the limit to be increased to Rs 50,000. The exemption limit was increased from Rs 10,000 to Rs 15,000 by the Finance (No.2) Act, 1998.
11.Restoration of standard Deduction
Earlier Standard deduction of 25000 was available for salaried person u/s 16(i) .This deduction is given as there are expenses incurred by the salaried employee to do his /her job and no other expenses are allowed as such . So this deduction must be restored and at least increased to Rs 50000

« Last Edit: March 09, 2012, 07:55:37 PM by RAJ »


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Re: News related to Tax Slab in India
« Reply #1 on: March 09, 2012, 07:41:59 PM »
RBI cuts CRR by 0.75 percentage points; to infuse Rs 48,000 cr

To ease liquidity situation, the Reserve Bank today slashed CRR '     the portion of deposits banks are required to keep with the central bank '     by 0.75 percentage points, a step that will infuse Rs 48,000 crore into the economy. '  "This reduction (in CRR from 5.5 per cent to 4.75 per cent) will inject around Rs 48,000 crore of primary liquidity into the banking system,'   the Reserve Bank of India (RBI) said in a statement.

The reduction in cash reserve ratio (CRR) will come into effect from tomorrow, it said, adding that the measure is aimed at reducing '  "the liquidity deficit (which) is expected to increase significantly during the second week of March on account of to advance tax outflows and the usual frontloading of cash balances by banks with the Reserve Bank.'   The last date for advance tax payment in March 15 and is estimated to drain out Rs 60,000 crore from the system.

RBI had last reduced CRR by 0.5 percentage points on January 24 thereby injecting Rs 32,000 crore into the cash-strapped system. With the latest decision, the RBI would be injecting around Rs 80,000 crore into the economy in less than 40 days.


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Re: News related to Tax Slab in India
« Reply #2 on: March 09, 2012, 07:42:43 PM »
Chunni Lal Bhagat elected leader of BJP LP

Chunni Lal Bhagat was today elected unanimously as the BJP's legislature party chief in Punjab.

The name of Bhagat, an MLA from the reserved Jalandhar (west) seat, was proposed by former Minister and senior party leader Madan Mohan Mittal and seconded by former ministers Manoranjan Kalia and Surjit Jyani.

A decision to this effect was taken by the 12 BJP legislators who held confabulations with leader of the opposition in the Rajya Sabha Arun Jaitley.

Besides, the meeting was also attended by Punjab incharge of BJP affairs Shanta Kumar and its General Secretary Ram Lal, Jaitley said after the meeting.

The central leaders had held meetings with the 12 BJP elected legislators before deciding on the name of Bhagat.

Meanwhile, party sources said the issue of staking claim for the post of Deputy Chief Minister was not raked in the meeting.

However, party sources said the state leadership is in favour of appointment of Deputy Chief Minister from BJP, an idea not getting support from the party's central leadership.

Sources also said the meeting did not discuss the number of ministers from the BJP to be inducted in the Parkash Singh Badal cabinet.

However, they said the BJP was expecting to get five cabinet berths but the SAD is in favour of giving it four seats in the cabinet as the party's strength in the 117-member house has come down to 12 from 19. In the outgoing ministry BJP had five members.

The BJP has won 12 of the 23 seats it's contested this time with its tally going down by seven as compared with the 19 MLAs who were elected in 2007.

The 12 include seven sitting members Manoranjan Kalia (Jalandhar Central), Surjeet Kumar (Fazilka), K D Bhandari (Jalandhar North), Amarjit Singh Sahi (Dasuya), Chuni Lal Bhagat (Jalandhar West), Anil Joshi (Amritsar North) and Dinesh Singh (Sujanpur).

The three first timers are BJP MP Navjot Sidhu's wife Navjot Kaur Sidhu, (Amritsar East), Seema Kumari (Bhoa SC) and state BJP President Ashwani Sharma (Pathankot). The 12th member is a former MLA and Cabinet Minister Madan Mohan Mittal (Anandpur Sahab).

The names of the party nominees for the ministerial posts doing rounds are Kalia, Mittal, Surjeet Jyani, K D Bhandari, Navjot Kaur and state unit Chief Ashwani Sharma.


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Re: News related to Tax Slab in India
« Reply #3 on: March 09, 2012, 07:44:08 PM »
Free education for girl students up to MA in Punjab: Badal

Returning to power for a record second successive tenure, Punjab Chief Minister Parkash Singh Badal today announced free education for all girl students up to MA.

Earlier, the free education scheme was upto graduation.

Badal also announced extension of free bicycle scheme to girl students of 9th and 10th class.

Addressing a rally of SAD workers after paying obeisance at Takhat Sri Kesgarh Sahib here, Badal said the new SAD-BJP government would not indulge in '  "petty vendetta'   politics.

He said he has come to the sacred soil of Khalsa (Sikh) birth place to seek the blessings of the Almighty and to vow that his government would focus on pro-poor and pro-development policies and make all efforts to fulfill the aspirations of people.

Congratulating the people, Badal said that besides making Punjab power surplus in the next two years the state government would focus on completing the unfinished tasks of the SAD-BJP government's last tenure.

Badal also announced the setting up of a world class sports stadium at Sri Anandpur Sahib besides announcing memorials' in the memory of Bhai Jiwan Singh and Bhai Sangat Singh.

Later, at a press briefing, when asked about the number of BJP ministers to be inducted in the new cabinet, Badal said Akali Dal's relationship with BJP was not political but it was emotional which was above of all these things.

Asked about reasons of Congress' failure, Badal said people had punished Congress for '  "record price rise, unprecedented corruption and its failure to provide security of life to its citizens'   .


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Re: News related to Tax Slab in India
« Reply #4 on: March 09, 2012, 07:44:32 PM »
Raise I-T exemption limit to Rs 3 lakh: DTC Panel
'   " March 9, 2012Posted in: Delhi, Latest
New Delhi

Ahead of the Budget 2012, there is some good news for tax payers. The Parliamentary Panel on Direct Tax Code (DTC) in its report to Lok Sabha Speaker Meira Kumar, Friday, has suggested raising income tax exemption limit to Rs 3 lakh per annum.

At present, the I-T exemption limit is Rs 1.8 lakh, and a 10% tax is charged for income upto Rs 5 lakh. The DTC has recommend 10% tax on income till Rs 10 lakh, 20% on income between Rs 10-20 lakh and 30% thereafter.

What remains to be seen is whether Finance Minister Pranab Mukherjee would incorporate the suggestions in his Budget Speech, due on March 16.

Meanwhile, the Panel also suggested hiking wealth tax limit to Rs 5 crore with slabs for higher levels.

The Panel further suggested that corporate tax rate be retained at 30 percent.


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Re: News related to Tax Slab in India
« Reply #5 on: March 09, 2012, 07:45:27 PM »
'   ..."होम लोन ब्याज पर कर छूट बढ़ाया जाए'

अंतिम बार अपडेट: Friday, March 9, 2012,18:11
टैग्स: आईसीएसआई, आम बजट, कर छूट, ब्याज दर, सलाह, होम लोन

नई दिल्ली : सरकार को आगामी बजट में होम लोन के ब्याज पर मिलने वाली कर छूट को मौजूदा डेढ़ लाख रुपये से बढ़ाकर साढ़े तीन लाख रुपये किया जाना चाहिए। इसके साथ ही विभिन्न प्रकार के निवेश पर मिलने वाली कर छूट लाभ को भी मौजूदा एक लाख से बढ़कार डेढ़ लाख रुपये कर दिया जाना चाहिए। इंस्टीट्यूट ऑफ कंपनी सेक्रेटरीज ऑफ इंडिया (आईसीएसआई) ने सरकार को सौंपे बजट पूर्व ज्ञापन में ये सुझाव दिए हैं।


आईसीएसआई अध्यक्ष निसार अहमद ने बजट पूर्व ज्ञापन के बारे में जानकारी देते हुए कहा कि पिछले 10 साल में अचल संपत्ति के दाम तेजी से बढ़े हैं। ऐसे में होम लोन पर दिए जाने वाले डेढ़ लाख रुपए तक के ब्याज पर आयकर कटौती का लाभ काफी कम लगता है, इसे बढ़ाकर साढे़ तीन लाख रुपए कर दिया जाना चाहिए। आईसीएसआई ने आयकर की धारा 80सी के तहत शामिल विभिन्न प्रकार के निवेश को देखते हुए एक लाख रुपए तक की कर कटौती को कम बताया है।


संस्थान ने कहा है कि हाल ही में लोक भविष्य निधि (पीपीएफ) की निवेश सीमा को बढ़ाकर एक लाख रुपए कर दिये जाने के बाद यह जरुरी हो गया है कि धारा 80सी के तहत कर योग्य आय में कटौती को मौजूदा एक लाख से बढ़ाकर डेढ़ लाख रुपए कर दिया जाए। (एजेंसी


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Re: News related to Tax Slab in India
« Reply #6 on: March 09, 2012, 07:46:39 PM »
CRR में कटौती, बैंक लोन हो सकते हैं सस्ते

अंतिम बार अपडेट: Friday, March 9, 2012,19:13
टैग्स: आरबीआई, कटौती, बैंक लोन, सीआरआर

ज़ी न्यूज ब्यूरो
नई दिल्ली : रिजर्व बैंक ऑफ इंडिया (आरबीआई) ने क्रेडिट रिजर्व रेश्यो (सीआरआर) में 0.75 फीसदी की कटौती की है। 10 मार्च से सीआरआर घटकर 4.75 फीसदी हो जाएगा। इससे पहले 24 जनवरी को आरबीआई ने सीआरआर 0.5 फीसदी घटाया था। सीआरआर में हुई इस कटौती से होम लोन, ऑटो लोन और अन्य लोन के सस्ते होने की उम्मीद जताई जा रही है।


आरबीआई के मुताबिक, सीआरआर में 0.75 फीसदी की कटौती होने से बाजार में 48000 करोड़ रुपए आएंगे। सीआरआर घटाने से लिक्विडिटी बढ़ेगी और जरूरी सेक्टर को आसानी से कर्ज मिल पाएगा। आरबीआई के मुताबिक जनवरी में सीआरआर घटाए जाने के बावजूद सिस्टम में लिक्विडिटी की कमी थी। साथ ही, मार्च में कंपनियों द्वारा एडवांस टैक्स भरे जाने से लिक्विडिटी की किल्लत और बढ़ सकती थी।


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Re: News related to Tax Slab in India
« Reply #7 on: March 09, 2012, 07:48:52 PM »
Sukhbir Singh Badal to be Deputy CM Punjab again:P S Badal
Parkash Singh Badal elected Leader of joint Legislative party of Akali-BJP alliance
BJP MLA from Jalandhar (West) Bhagat Chunni Lal elected leader of the Punjab BJP Legislative Party.Arun Jaitly presided the meeting held on Friday at Chandigarh


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Re: News related to Tax Slab in India
« Reply #8 on: March 16, 2012, 12:31:50 PM »

-इनकम टैक्स, कॉरपोरेट टैक्स में 32 हजार
करोड़ कम आया।
-सरकार का घाटा 1,85,752 करोड़।
-आयकर छूट की सीमा दो लाख रुपये हुई।
2 लाख की आय पर कोई टैक्स नहीं।
-2 से 5 लाख आमदनी पर 10 फीसदी टैक्स।
-5 से 10 लाख आय पर 20 फीसदी टैक्स ।
-10 लाख से ऊपर की आय पर 30
फीसदी टैक्स।
« Last Edit: March 16, 2012, 12:51:20 PM by RAJ »


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Re: News related to Tax Slab in India
« Reply #9 on: March 16, 2012, 02:15:44 PM »
Tax exemption limit hiked to Rs 2L
Giving some relief to tax payers, Finance
Minister Pranab Mukherjee today proposed
raising the income tax exemption limit for
individuals to Rs 2 lakh per annum from Rs
1.80 lakh.
Unveiling the Budget proposals for 2012-13
in the Lok Sabha, he also increased the limit
to Rs 10 lakh under the 20 per cent tax slab.
The current limit is Rs 8 lakh.
"My proposals on direct taxes are estimated
to result in a net revenue loss of Rs 4,500
crore for the year," Mukherjee said.
The Budget also exempts up to Rs 10,000 of
interest income from tax.
Individual will have to pay 10 per cent tax on
income between Rs 2 lakh and Rs 5 lakh; 20
per cent between Rs 5 lakh and Rs 10 lakh;
and 30 per cent for above Rs 10 lakh.
Mukherjee said increasing the exemption
limit is a move towards implementation of
the Direct Taxes Code (DTC).
The Standing Committee of Parliament that
has scrutinised the DTC Bill had suggested
raising the tax exemption limit to Rs 3 lakh.
The exemption limit for the senior citizens
between 60 and 80 years of age will be Rs
2.50 lakh; 10 per cent will be levied on
income between Rs 2.5-5 lakh, 20 per cent
between Rs 5-10 lakh and 30 per cent above
Rs 10 lakh.



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