Latest Expert Exchange Queries
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: TDS :: ACCOUNTING STANDARDS :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: ACCOUNTING STANDARD :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: articles on VAT and GST in India :: VAT Audit :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd
General »
 Banks warn share tax hike threatens Paris' post-Brexit appeal
 PMC may decide on property tax rebate for IT firms this week
 I-T Dept is giving out certificates of appreciation. Have you received yours?
 Government works on ironing out benefits refund mechanism for exportersa
  Tax officials are using an IDS provision to question transactions beyond six-year-limit
 Tax-free bonds rally like midcap funds
 Senior citizens do not have to pay advance tax on salary and interest income
 GST: Audit commissioners to get adjudication powers
 Interest on NRE rupee account can be exempt from tax under FEMA
 Impact of GST on Real Estate Sector
 GST regime: Tax payers allowed to take option of third-party interfaces

Hike in income tax exemption
July, 06th 2009

Salaried residents of Bangalore have welcomed the proposed increase in income tax exemption limits for women and others by Rs.10,000 and scrapping of the fringe benefit tax (FBT).

Senior citizens in this IT hub are also happy with an increase in their tax exemption limit by Rs.15,000.

Out of six million population in the city, an estimated 565,668 are elderly people.

The exemption limit will now be Rs.240,000 for senior citizens, Rs.190,000 for women and Rs.160,000 for others.

"Increase in income tax exemption limit by Rs.10,000 for women and others is a relief for salaried people like us, who are struggling with steep price rise in essential commodities in recent times," Padma Kumar, a government employee, told IANS.

Echoing Kumar, Shekar Sastry, working with a private firm, said that increase in income tax exemption, though not by very significant amount, had taken some burden off the salaried class.

"The move is positive and we welcome the announcement by Finance Minister Pranab Mukherjee," said Sastry.

As the city has large number of corporate houses, the scrapping of FBT has brought a smile to both employees and employers.

"Scrapping of fringe benefit tax is a good decision by the government. It was a draconian tax system and now companies will not think twice to give perks to their employees," said Sunil Prabhu, who works as a head of human resource with a multinational company.

"Now, companies can offer perks like cars, accommodation and stocks to name a few, without thinking twice," said Mallika Tiwari, who works as a quality analyst with an IT company.

Women are also happy that the income tax exemption limit been raised to Rs.190,000 for them.

"This shows pro-women policies of UPA (United Progressive Alliance) government at the centre," smiled Pallavi Shetty, who works as an executive with a BPO.

Senior citizen Ranjan Hegde said that as elderly people "we are relieved to see increase in income tax exemption limit by Rs.15,000".

"In these times of huge price rise, such a benefit is a great relief for senior citizens. I welcome the government's move," said Hegde, who is a retired government employee.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Website Ranking Website Ranking Company Website Positioning Alexa Ranking Website Promotion Website top 10 ranking website top 10 promotion search engine result promotion Strategic Internet Marketing Website Optimization Website Ranking Factors

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