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: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: list of goods taxed at 4% :: cpt :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: TDS :: form 3cd :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company
Budget Extravaganza »
 How presenting the Budget early seems to be paying off already
 Budget advancement helps Centre, states start spending early
 Five things that you can expect from the Mumbai civic budget today
 GST all set for July 1 rollout but casts shadow on state budgets
 Income-Tax collection revised in Rajasthan budget
 No new taxes likely in Maharashtra Budget
 H.P. budget devoid of any financial prudence
 GST, demonetisation todecide budget priorities
 Railways to come up with mini-budget tomorrow
 Budget today, but GST kills the tax suspense
 Budget 2017 does little to expand taxpayer base, salaried still bear brunt of taxes

Budget 2013: Impact on your taxes, investments & spending
March, 04th 2013

The tax proposals in the Budget have disappointed most taxpayers. Noida-based school teacher Maria Amin is among the 1.8 crore taxpayers who will get a tax credit of Rs 2,000 next year, reducing her tax liability by almost 30%.

But she feels that in absolute terms the benefit is so pitifully small that it won't make a difference. "It will reduce my tax by barely Rs 172 per month, provided my income does not go beyond Rs 5 lakh in the coming year," she says derisively.

In Chandigarh, retired PSU manager Prahlad Kumar Wahi is fuming that the budget neither raised basic exemption limit nor increased the tax saving limit under Section 80C.

Last year's budget had raised the basic exemption for senior citizens by Rs 10,000 to Rs 2.5 lakh and given all taxpayers an additional exemption of Rs 10,000 for savings bank interest.

But this year, despite an 8.5% rise in inflation in the past 12 months, there is no change in the exemption limit. "The budget should have at least done something for senior citizens who have a fixed income but growing expenses," groans Wahi.

Millions of taxpayers will agree with Wahi. One of them is Mumbai-based finance professional Vaibhav Pandya. "The budget was a complete non-event for me. I was hoping the home loan deduction limit would be raised or the tax saving limit would be increased," he says. The Rs 1.5 lakh deduction on home loan interest was fixed in 1999 when the average price of a 2-bedroom house in a metro city was Rs 20-22 lakh.

Today, you would be lucky to get one for Rs 70-80 lakh. Similarly, the Rs 1 lakh tax saving limit was set in 2005 with the introduction of Section 80C. Seven years later, the consumer inflation index has risen by more than 70% but the tax saving limit has remained static at Rs 1 lakh. Three years ago, the government had introduced an additional limit of Rs 20,000 for infrastructure bonds under Section 80CCF but last year's budget removed it.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System development CMS development Content Management Solutions CMS Solutions Content Management Services CMS Services CMS Software

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