New Income Tax slab proposed by the finance minister for the upcoming financial year 2010 - 2011
New tax slabs are:
Income up to Rs 1.6 lakh - NIL
Income above Rs 1.6 lakh and up to Rs 5 lakh - 10%
Income above Rs 5 lakh and up to Rs 8 lakh - 20%
Income above Rs 8 lakh - 30%
If you are looking for any further clarification, ask your question as a comment here.
I will answer your questions.
Showing posts with label Budget. Show all posts
Showing posts with label Budget. Show all posts
Friday, February 26, 2010
Tuesday, February 26, 2008
Railway Budget (2008 - 2009 ) Highlights
Following are the highlights of Railway Budget 2008-09 presented by the Railways Minister, Mr Lalu Prasad, in Parliament on Tuesday.
Freight traffic crosses target of 785 million tonnes; to touch 790 million tonnes.
Railway Plan size increased from Rs 11,000 crore to Rs 30,000 crore in the last four years.
Posts profit of Rs 25,000 cr in 2007-08.
560 railway station platforms to be lengthened to take long trains.
Middle-level and low-level platforms to be upgraded to high-level platforms in several stations to help commuters.
Doubling of lines to be given priority.
Professional agencies being involved on a pilot basis to ensure cleanliness in running trains.
Second-class Sleeper fares cut by 5%.
AC-1 fare cut by 7%.
AC-2 fare cut by 4%.
AC-3 fare cut by 3%.
Freight on petrol, diesel cut by 5%
Work on automatic signalling to start in new sections.
Smartcard-based ticketing system planned.
Electrification of more routes in North India.
Foot overbridge along high level platforms.
Talks on with foreign cos for new wagon designs.
High level platforms in 135 stations.
Housekeeping in Shatabdis to be outsourced.
Lifts and escalators in 50 stations.
Modular toilets to be introduced in trains.
Rajdhanis, Shatabdis to get modernised coaches.
Touch screens, colour TVs across all major stations.
6,000 automatic ticket sale machines in 2 years.
By 2010 all coaches to be in stainless steel.
Rlys to use call centres for reservations.
16,548 old rail tracks to be renewed.
Ticket confirmation via mobiles likely.
Pvt cos can make terminals on Rly land.
All un-manned crossings to be manned.
Metal detectors, baggage scan at key stations.
Display boards to be set up across stations for convenience of passengers.
'Go Mumbai' tickets to be sold at bus depots.
Delhi-JNPT-NavaSheva western freight corridor cleared.
Multi-level parking at 30 major stations.
Free Rajdhani, Shatabdi travel for Ashok Chakra winners.
New Delhi, Mumbai, Pune to be made world-class stations.
50% concessions for AIDS patients.
Free season tickets for girls till graduation.
Rlys to issue wait-listed e-tickets.
50% concession for senior women citizen.
Arrival time to be printed on tickets.
To link trains via IT, communications in 2009.
10 new Garib Raths, 53 new trains to be introduced.
Amravati-Mumbai Express to run twice a week.
Khajuraho-Delhi to run thrice a week.
Chennai-Salem to have daily frequency
Kurla-Howrah to have twice a week frequency.
Considering a rail link for Ennore port.
To have new wagon leasing policy.
BBU-NDLS Rajdhani thrice a week.
Expanding use of automated signalling system.
Special train between Delhi and Pune for Commonwealth Games.
Freight traffic crosses target of 785 million tonnes; to touch 790 million tonnes.
Railway Plan size increased from Rs 11,000 crore to Rs 30,000 crore in the last four years.
Posts profit of Rs 25,000 cr in 2007-08.
560 railway station platforms to be lengthened to take long trains.
Middle-level and low-level platforms to be upgraded to high-level platforms in several stations to help commuters.
Doubling of lines to be given priority.
Professional agencies being involved on a pilot basis to ensure cleanliness in running trains.
Second-class Sleeper fares cut by 5%.
AC-1 fare cut by 7%.
AC-2 fare cut by 4%.
AC-3 fare cut by 3%.
Freight on petrol, diesel cut by 5%
Work on automatic signalling to start in new sections.
Smartcard-based ticketing system planned.
Electrification of more routes in North India.
Foot overbridge along high level platforms.
Talks on with foreign cos for new wagon designs.
High level platforms in 135 stations.
Housekeeping in Shatabdis to be outsourced.
Lifts and escalators in 50 stations.
Modular toilets to be introduced in trains.
Rajdhanis, Shatabdis to get modernised coaches.
Touch screens, colour TVs across all major stations.
6,000 automatic ticket sale machines in 2 years.
By 2010 all coaches to be in stainless steel.
Rlys to use call centres for reservations.
16,548 old rail tracks to be renewed.
Ticket confirmation via mobiles likely.
Pvt cos can make terminals on Rly land.
All un-manned crossings to be manned.
Metal detectors, baggage scan at key stations.
Display boards to be set up across stations for convenience of passengers.
'Go Mumbai' tickets to be sold at bus depots.
Delhi-JNPT-NavaSheva western freight corridor cleared.
Multi-level parking at 30 major stations.
Free Rajdhani, Shatabdi travel for Ashok Chakra winners.
New Delhi, Mumbai, Pune to be made world-class stations.
50% concessions for AIDS patients.
Free season tickets for girls till graduation.
Rlys to issue wait-listed e-tickets.
50% concession for senior women citizen.
Arrival time to be printed on tickets.
To link trains via IT, communications in 2009.
10 new Garib Raths, 53 new trains to be introduced.
Amravati-Mumbai Express to run twice a week.
Khajuraho-Delhi to run thrice a week.
Chennai-Salem to have daily frequency
Kurla-Howrah to have twice a week frequency.
Considering a rail link for Ennore port.
To have new wagon leasing policy.
BBU-NDLS Rajdhani thrice a week.
Expanding use of automated signalling system.
Special train between Delhi and Pune for Commonwealth Games.
Monday, February 25, 2008
Shall we expect less taxed living after Budget
Finance Minister P Chidambaram might spread cheer all around with Budget 2008-09, the last full-fledged Budget of the UPA government. A hike in the income-tax exemption limit, a higher ceiling for tax-saving investments along with a wider range of products under this category, and a rejig in tax slabs are some of the key proposals being considered by the UPA government. Corporate tax payers can expect some relief in the form of removal of surcharge.
The finance ministry, which is giving final touches to the tax proposals, is likely to raise the income-tax exemption limit from Rs 1,10,000 to Rs 1,25,000. Though there is a strong pitch from all corners to raise the limit to Rs 1,50,000, the fear of a big erosion in the tax base may prompt the government to follow a conservative approach.
A final call on direct taxes will be taken at “the highest political level”, since this will be the UPA government’s last full Budget, sources said. Budget 2009-10 will be a vote on account, as a new government has to be put in office by May 2009.
Direct tax collections have been buoyant this fiscal year, registering a growth of over 40% to Rs 2,18,538 crore in the first 10 months. An increase of Rs 15,000 in the exemption limit will make every taxpayer richer by Rs 1,500 while a rise of Rs 40,000 will provide a relief of Rs 4,000. An increase in the current investment exemption limit of Rs 1,00,000 to Rs 1,50,000 is also being considered with a view to channelise some savings into the infrastructure sector.
Keeping this in mind, the government could provide tax reliefs to investments in special infrastructure bonds and dedicated funds. Recently, the government had expanded the basket of products eligible for tax exemption by adding a senior citizen scheme and a five-year post office time-account to the basket.
Sources said the finance ministry considering whether the current personal tax slabs should be rejigged. The slabs were introduced three years ago, but the Prime Minister’s Economic Advisory Council has suggested a change in the structure. At present, those in the income bracket of Rs 1,10,000-1,50,000 attract 10% tax while those earning between Rs 1,50,001 and Rs 2,50,000 attract a tax rate of 20%. Income above Rs 2,50,001 is taxed at 30%.
The government is also reviewing the 10% surcharge. In the last Budget, the finance minister had partially relieved companies with an income of Rs 1 crore or less and individuals with income below Rs 10 lakh of this burden.
This year’s Budget also comes against the backdrop of the sixth Pay Commission recommendations. Though the commission is to submit its report by April this year, the finance minister is expected to make an announcement on government employees’ pay revision in this Budget.
The finance ministry, which is giving final touches to the tax proposals, is likely to raise the income-tax exemption limit from Rs 1,10,000 to Rs 1,25,000. Though there is a strong pitch from all corners to raise the limit to Rs 1,50,000, the fear of a big erosion in the tax base may prompt the government to follow a conservative approach.
A final call on direct taxes will be taken at “the highest political level”, since this will be the UPA government’s last full Budget, sources said. Budget 2009-10 will be a vote on account, as a new government has to be put in office by May 2009.
Direct tax collections have been buoyant this fiscal year, registering a growth of over 40% to Rs 2,18,538 crore in the first 10 months. An increase of Rs 15,000 in the exemption limit will make every taxpayer richer by Rs 1,500 while a rise of Rs 40,000 will provide a relief of Rs 4,000. An increase in the current investment exemption limit of Rs 1,00,000 to Rs 1,50,000 is also being considered with a view to channelise some savings into the infrastructure sector.
Keeping this in mind, the government could provide tax reliefs to investments in special infrastructure bonds and dedicated funds. Recently, the government had expanded the basket of products eligible for tax exemption by adding a senior citizen scheme and a five-year post office time-account to the basket.
Sources said the finance ministry considering whether the current personal tax slabs should be rejigged. The slabs were introduced three years ago, but the Prime Minister’s Economic Advisory Council has suggested a change in the structure. At present, those in the income bracket of Rs 1,10,000-1,50,000 attract 10% tax while those earning between Rs 1,50,001 and Rs 2,50,000 attract a tax rate of 20%. Income above Rs 2,50,001 is taxed at 30%.
The government is also reviewing the 10% surcharge. In the last Budget, the finance minister had partially relieved companies with an income of Rs 1 crore or less and individuals with income below Rs 10 lakh of this burden.
This year’s Budget also comes against the backdrop of the sixth Pay Commission recommendations. Though the commission is to submit its report by April this year, the finance minister is expected to make an announcement on government employees’ pay revision in this Budget.
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