I-T exemption limit hiked to Rs 1,50,000

[Pat]

I dint see any thread on this topic! So created one

Finance Minister P Chidambaram has announced changes in the Income Tax slabs. The threshold of exemption for all Income Tax assesses raised from from Rs 1,10,000 to Rs 1,50,000.
Every income tax assessees to get relief of minimum of Rs 4,000. New tax slabs will be: 10 per cent for 1,50,000 to 3,00,000, 20 per cent for 3,00,000 to 5,00,000 and 30 per cent above 5,00,000.

Threshold for small service providers raised from Rs eight lakh to Rs 10 lakh.
For women, the income tax limit goes up from Rs 1.45 lakh to Rs 1.80 lakh. In case of senior women citizens, it increases from Rs 1.95 lakh to Rs 2.25 lakh.

IMO its pretty awesome and I am very happy with the announcement! Not only the exemption limit but also the change in slabs is absolutely wonderful

 

[enticer86]

Yups, coz you are thinking at a personal level like me. But at the macro level FM has announced a Rs.60000-cr relief package for farmers : thats bad.

 

[dd_wingrider]

^^^^ absolutely i was also wondering about that 60000cr off, mainly it looks like a stunt for getting more votes in the coming elections. There are farmers who are genuinely in need in money and take the loan , but most of them take for taking fancy stuff(big cars, costly mobiles n all). Atleast this scenario i saw in my village where people are taking loans like anything cos the interest is so low for them. As a tax payer myself dont know what to do, either be calm n happy that some really needy farmers got debt off from their back which is awesome or should i be sad n frustrated for this political stunt, cos this will encourage people in village to go on a wrong path.

 

[naveen_reloaded]

we have to wait and see how that takes effect

 

[abhijit_reddevil]

At last I can manage my taxes and all hell would not break loose in the months of Feb and March each year. The new slbs are just wonderful, especially the start of 30% limit.

 

[din]

@dd_wingrider

Case of farmers are not the same in all states. I know many personally. Who took loans thinking they wil be able to pay back, but for reasons which are beyond their control (no rain, drastic climate change and things like that) caused heavy loss and they were helpless.

Yes, people misusing loans are everywhere but there are genuine users too.

 

[ArZuNeOs]

Ok

Pple in Share Market----Dont Sell ur stock within a year of holding ...if u sell It is taxed @ 15% [previously @ 10% ]

U talk about basic exemption @ Rs 1.5L ---Considering the growth Rate .... Inflation & Money Lending Rates .....It is normal .....Not Significant Gift....

Anyway the Slab rates @ 10% has been increased...which is quite good
[1.5L to 3.00L--- 10%]

Also Notable is Abolishment of BCTT [ Banking Cash Transaction Tax ] which was 0.1 % earlier.....[Those having Current A/c & Lumpsum Transactions....Thank God ]

Accordingly Pple Plan ur tax

Oh ..... No duty & Manufaturing Cess has been provided for the Computer Hardware industry ...so no reduction in prices

Cen Vat has been Reduced by 2 %

Other than that U guys dont have to bother