Union budget 2010

Union budget 2010 is being presented by Pranab Mukherjee in the parliament house today that is 26 th Febraury 2010.

WATCH LIVE TELECAST OF INDIAN UNION BUDGET

According to latest inputs ,

• Income Tax proposals Slab: Income up to Rs 1.6 lakh ----- tax will be nil
• Income Tax proposals Slab: Income above 1.6 lakh and up to Rs 5 lakh -- tax will be 10%
• Income Tax proposals Slab: Income above Rs 5 lakh and up to Rs 8 lakh -- tax will be 20%
• Income Tax proposals Slab: Income above Rs 8 lakh -- tax will be 30%

All the people from India are glued to news channels like Dordarshan national channel , NDTV profit, IBN Live , CNBC TV18, ET Now and other channels to get the latest updates . People from IT field were anticipating increase in tax slabs . Watch this space for more updates on the change in tax slabs .

Indian Budget 2009

Union budget 2009 was presented by Pranab Mukherjee in the parliament house. Main thing which all the salaried class people where looking was the increase in the base of the tax exemption.

Earlier salary above 1,50,000 for was made to pay a 10% tax per annum and girls / ladies where suppossed to pay above 1,80,000 per annum .

This has been revised by 10,000 rupess per annum, now we need to pay 10% tax for salary above 1,60,000 per annum and for girls / ladies its above 1,90,000 rupees per annum.

Thereby individual tax payers will save only 1000 rupees more per annum.

Apart from these LCD television , mobiles and life saving drugs will also be cheaper marginally.

Budget 2009 : My Wishlist

Annual budget for 2009 -2010 fiscal year will be presented on 16th Feb 2009 by our finance minister. Well I wish these are things which can be included in our 2009 budget too

Expecting tax/price cuts for this categories

1. Computers and its peripheral devices, as it will encourage online transactions and shopping. 
2. CFL lights , as it will save electricity.
3. Ticket price for public transport system.
4. For companies who have atleast 25 % of their power consumption through solar energy .
5. Broadband charges for all rural sectors.
6. Green leafy vegetables and fruits.
7. Educational books.
8. CNG fuel.
9. Shops which provide ample parking space.
10. Medicines for major diseases.
11. Sports goods , which requires physical exercise.

Expecting tax/price hike for this categories

1. Two & three wheelers.
2. Junk food.
3. Soft & hard drinks.
4. Five star restraurants and lounges .
5. Cigarettes and cigars.
6. Electricity charges for shopping malls, multiplex and hoardings.
7. Branded clothes.
8. Game CD's and DVD's
9. Shops which do not provide ample parking space.
   
10. High end electronic items.

Well comments are welcome ........

Tax liability

In the recent budget our finance minister have reduced taxes for the salaried class to great extend people working in IT and ITes sector in INDIA including Hyderabad - IT HUB of India and all major cities are relieved to great extend . Based on the new slabs announced by the finance minister if India , which have already published in my previous post the projections for the year 2008 to 2009 is given below .

Tax liability (Rs)(Projected)

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Taxable income (Rs) .............2007-08......................2008-09
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2,00,000............................14,420 ........................5,150

4,00,000............................71,070....................... 36,050

6,00,000 ...........................1,32,870..................... 87,550

8,00,000............................1,94,670.....................1,49,350

10,00,000..........................2,56,470.....................2,11,150

12,00,000...........................3,50,097.....................3,00,245

14,00,000...........................4,18,077....................3,68,225

16,00,000...........................4,86,057....................4,36,205

18,00,000...........................5,54,037....................5,04,185

20,00,000...........................6,22,017....................5,72,165

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Dont even want to pay this projected tax also then you must take advantage of 80c and invest in the fixed deposits , policies , etc which has been discribed in detail in my previous post .

Found this peace of information useful , if yes do leave your comments