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Relief in income-tax may develop tax culture
March, 05th 2008

The Finance Minister has provided big relief in the personal income taxes. Broadly, the change in slabs of income will result in saving of Rs 4,120 to Rs 45,320 (including education cess) depending upon the income levels of the individual tax payer. This in turn will boost the overall economic activities and help in developing tax culture. Income from growing of saplings and seedlings in nursery also to be considered agricultural income and thus will be exempt as agricultu ral income. I feel this will be prone to misuse. Further, it could have been better if the surcharge and education cess were withdrawn for the sake of simplicity in making tax payment, TDS, filing of returns as well as assessments. The FM will do well if these are abolished while finally passing the Budget in Parliament.

Narayan Jain, Kolkata

 
 
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