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 Planning India :FY 2009

End of Financial / Fiscal year is round the corner again and as usual we are suppossed to complete the tax planning as well as the investments well before 31 st March 2009 .You need to think about tax investments if you taxable annual salary is more than 1.5 lakhs for males and 1.8lakhs  for females.  Here are few tips which should be kept in mind before investment in any products . 

1. Never invest the entire amount in a single product / bank.
2. Check the past track on the product / bank.
3. Never give cash to the agents , always prefer cheque instead in the of the organisation / bank.
4. Compare all available bank / products before making any choice. (Can be done online too)
5. Make sure the entire processing is completed atleast 1 week before 31 st march , as cheques proceeded after 31 st march will not be eligible for tax benefit.
6. Always ask for the lock in period , this is the period before which u cannot get your money back.
7. Make sure you dont only look at the rate of returns , consider all the factors before making a choice.
8. Remember , Higher Returns - Higher Risks.
9. Make sure you get back all the necessary reciepts too .
10. If you need to submit any of your documents , make sure you sign it and mention the purpose for which you have given the document. (So that your details are not misused)

And regarding the various options for availing the benefit for section 80 c please refer my previous post. You can also pay your taxes online through the Income tax of India's official website. For you reference the income tax departments online payment is given below.

Department of Income Tax of India

Feel free to write your queries . (Click the comment link below to post your query)

Hyderabad: Fuel Price @ 01 Feb 2009

After this reductions the price of fuel as on 1 st February 2009 are 

Current price of petrol now in city of Hyderabad is 45.56 rupees 

Current price of Diesel now in city of Hyderabad is 33.90 rupees

Finally government has announced another cut in the fuel prices after much deliberation , opposition parties term this reduction as just a political gimmick in order to attract people towards UPA government. 

This has brought much relief to all the citizens of India , now every one expects prices of all basic commodities will be on downward slide . Now the common expects that government should reduce the sales tax and other taxes on the fuel prices , which will furhter reduce the burden of Aam Aadmi .

If government can't reduce the fuel prices further due to prices losses to the oil companies , should they atleast reduces the sales taxes and other taxes on fuel ?????

Do write your comments 

Tax Deductions under 80C

Salaried class people of India can have TAX deduction under 80c by investing in the following channels :

1. Provident fund
   
2. National Savings Certificate
3. LIC Premium
   
4. Public Provident Fund
   
5. Unit Linked Insurance Plan
   
6. Principal Repayment on Housing Loan
   
7. National Savings Scheme
   
8. School Tuition fees for children
   
9. NSC Accrued Interest
   
10. Mutual Fund - Equity Linked Savings Scheme
    
11. Stamp Duty/ Registration Fees paid for House property
    
12. Infrastructure Bonds
    
13. Investments eligible under Section 80C (Previous employment)
    
14. Fixed Deposit

These are the possible ways which i am acquainted with , if you know any other methods please do update me .

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

Budget 2008 : Tax Exemptions for Salaried class

Great news for the salaried class specially people working in IT and ITes sector in INDIA including hyderabad and all major cities , the slabs for personal income tax have been revised with the exemption limit being raised from Rs 1.10 lakh to Rs 1.50 lakh, ensuring a minimum relief of Rs 4,000 for every assessee.

Personal income upto Rs 1.50 lakh will attract no income tax, Finance Minister P Chidambaram announced while presenting the Budget for 2008-09 in the Lok Sabha on Friday.

Income between Rs 1.50 lakh and Rs 3 lakh will attract a 10 per cent tax and incomes between Rs 3 lakh and Rs 5 lakh 20 per cent.

Income above Rs five lakh will attract 30 per cent tax and for woman assessee, the exemption will be upto Rs 1.80 lakh from the existing Rs 1.45 lakh whereas senior citizen will now have the exemption limit of Rs 2.25 lakh from Rs 1.95 lakh.

An additional deduction of Rs 15,000 under Section 80D has been allowed to an individual who pays medical insurance premium for his/her parents.