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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
Service Tax »
 12 ways to avoid paying more for bank services
 I-T return filing: Income Tax offices, Ayakar Seva Kendras to remain open from March 29-31
 Top 5 money matters you must settle before March 31 From income tax returns to LTCG,
 Steep fines for missing March 31 income tax deadline
 CBEC clears some air on refunds under GST, central excise, service tax laws
 3 key tax changes for senior citizens which will come into effect from April 1, 2018
 Income tax returns (ITR) filing: Not filed returns for 2 years? Beware! Deadline nearing
 All you want to know about HRA: When you can claim and how it is calculated?
 Income Tax Saving: 6 ways to save tax without investing before March 31 tax deadline
 Unnable to file your tax return? Take help of these portals
 Do you know which 80C instruments can help you save tax and carry no future tax liability?

Budget 2012: What taxpayers want from the Finance Minister
March, 12th 2012

It's budget week and newspapers are chock-a-block with reports on industry expectations. Manufacturers want excise cuts. Insurance companies want relief from service tax.

Real estate developers want an industry status. Does anyone care about what taxpayers want? This is why ET Wealth reached out to small taxpayers to know what they would like to see in the budget. The online survey conducted last week by economictimes.com received 504 responses.

The survey results will surprise those who believe that small taxpayers only have tax cuts on their wishlist. Most of the respondents wanted a balanced budget that broadened the tax base without raising tax rates. There was even a sizeable minority (9.5%) that wanted a belt-tightening budget. Clearly, a majority of small taxpayers is willing to do its bit in buoying the economy.

Another surprise was the preference for a hike in the basic exemption limit over other measures. Given that 55% of the respondents were in the 30% tax bracket (annual income above Rs 8 lakh), a hike in the Section 80C investment limit to Rs1.5 lakh would be more beneficial to them.

 

Raising the exemption limit to Rs2 lakh would cut tax by Rs 2,000 (Rs 1,000 in case of women). But raising the Section 80C investment limit can help them reduce tax by up to Rs 15,000.

Similarly, wealth tax was the most hated tax in the respondents' list, even though it's likely that the dividend distribution tax makes a bigger hole in their pockets. Take a look at the other expectations of ordinary taxpayers.

 

/photo.cms?msid=12209883

/photo.cms?msid=12209893
Download ET's mobile applications for iPad, iPhone, Android, BlackBerry, Nokia and Windows Phone to track news as it happens, live stock quotes, monitor portfolio, get market stats like gainers, losers and movers & much more. To check out free Economic Times apps
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Desktop Application Development Outsourcing Desktop Application Development Offshore Desk

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