Latest Expert Exchange Queries

Make your inventory and invoicing software GST Ready from Binarysoft
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: cpt :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: articles on VAT and GST in India :: empanelment :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company
News Headlines »
 Filing tax returns? Here are seven things to remember
 Clarifications on computation of book profit for the purposes of levy of Minimum Alternate Tax (MAT) under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies.
 Mistakes in filing income tax returns that may get you a tax notice
 Know how you can claim return of income in Form 26 AS case
 What you must know for tax filing this year
 How to file tax return if you have two Form 16s
 10 things you should know about Form 26 AS
 How to file income tax return without Form 16
 How to rectify income tax returns
 Income-tax (21st Amendment) Rules, 2017
 Deadline for filing income tax return nears; here are 10 common mistakes that you must avoid

I-T exemption may be raised in Budget
November, 27th 2007
Rising compliance, buoyant collections may prompt this move
In a move that could spread cheer among over 30 million individual taxpayers in the country, senior income tax officials are in favour of raising the existing exemption limit by Rs 40,000 to Rs 1,50,000 or even higher in the coming Budget.
The tax proposals for the annual Budget are finalised only in February, but income tax officials said raising the exemption limit is possible given rising tax compliance levels and a significant upsurge in direct tax collections on the back of a booming economy and better administration.
There is scope to raise the exemption limit. The government can raise the first income tax slab to Rs 1,50,001-Rs 2,00,000 per year, he said.
The other two slabs may also be tweaked.
Finance Minister P Chidambaram had raised the exemption limit on personal income by Rs 10,000 to Rs 1,10,000 in Budget 2006-07. However, officials said the move translated into a tax saving of only Rs 1,000 for an individual, which is minor in todays context of high incomes and prices. 

Tax rates (%)

Up to Rs 1,10,000


Rs 1,10,001 to Rs 1,50,000 10
Rs 1,50,001 to Rs 2,50,000 20
Rs 2,50,001 and above 30
DIRECT TAX COLLECTIONS                 (Rs/crore)
Year Direct tax Y-o-Y growth (%)
2003-04 1,05,088 26.48
2004-05 1,32,771 26.34
2005-06 1,65,208 24.43
2006-07 2,30,091 39.27
2007-08* 3,22,000 40.00
* Expected growth rate
Direct tax includes personal income tax and corporation tax. Personal income tax accounts for 35% of direct income tax collections
If implemented, the increased exemption slab will save a taxpayer up to Rs 9,000 in taxes for income up to Rs 2,00,000 per year.
If income up to Rs 1,50,001 is exempted and tax levied at 10 per cent, the tax incidence will come down to Rs 5,000, a saving of over 64 per cent.
An increase in the exemption limit by Rs 40,000 will be a positive step, especially taking into account the way inflation has been increasing over the last several years, said Gaurav Taneja, partner, Ernst & Young.
Direct tax collections are expected to increase by 40 per cent in 2007-08 to over Rs 3,22,000 crore, the second year of such growth in a row.
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Web Application Development Web based Software Solution Web Application Deployment Web Application Solutions Web Application Software Development Web Application Deployment Web Application Programming Web Application Design and Development

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions