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INCOME TAX EXEMPTIONS

Hello! From Virendra


Please watch the ibibo.com presents ‘Public ka Vitt Mantri” on Zee Business at 9:30 PM & 11:30 PM on Feb 22, 2008.

Vote for the contestant whose ideas on ‘Income Tax Exemptions” were the best

View poll

INCOME TAX EXEMPTIONS BUDGET PROPOSAL

As per existing exempt in income should be change as given below;


Nature of Income Existing Exemption limit Proposed Exemption limit
1. Medical insurance Provide deduction up to Rs 15000. For senior citizens, the deduction up to Rs. 20,000 is allowable. It should provide deduction up to Rs 25000. For senior citizens, the deduction up to Rs. 50,000 is allowable.
2. Interest on personal Bike/Car Loans Nil It should provide for self car loans, interest paid on a car loans up to Rs 100,000 per year should exempt from tax
3. Conveyance Max. Yearly Rs. 9600 for staff and Max. Yearly Rs. 4800 for workers. Max. Yearly Rs. 15,000 for staff and Max. Yearly Rs. 8,000 for workers.
4. Expenses on the education of children Max Rs. 2400/- per annum Max Rs. 10,000/- per annum
5. Minor’s income clubbed with individual Upto Rs. 1,500/- Upto Rs. 5,000/-

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7 Responses

  1. Service_to_all says:

    Hello,

    Have you talked of cutting down the luxury expenditure of the ministers, the bureaucrats etc.

    Regards,
    SERVICE TO ALL

  2. lkjhgf says:

    Useful information for the begginers who have just entered in to the corporate world of business. R these the only exemption allowed?

  3. veerugcet says:

    dear

    thanks for commets

  4. veerugcet says:

    Dear

    This was the opinion of us pepole through Zee Business Programme “PUBLIC KA VITT MANTRI”

    Zee businees have telecasted many kind of programme releted to budget to know the reaction of public on the budget or expectation from budget 2008-09

    regards

  5. Service_to_all says:

    Hello,

    Finally it is going to PC who is going to decide the fate of IT payers and the budget.

    Regards,
    SERVICE TO ALL

  6. betterlife says:

    I had also submitted my proposals but I was not shortlisted. My proposal is based on the concept that every citizen should pay income tax depending on the income. Less income less tax. More income more tax. For this there should be only one uniform tax rate, say 5%. There should be no exemptions except that 10% of the income can be saved and this amount will not be counted for tax calculation.

    “प्रेम करो सबसे, नफरत न करो किसी से”
    “Love all, Hate none”

  7. veerugcet says:

    Dear

    Your propsal is intresting and I will also think about same but what will be the total effect of that proposal, have you calculated?

    As you know 3% of population are paying TAX of total population in India, and if we think about your budget then what will be the cummulative effect. If we can save only 10% of total income that mean if I am earning Rs. 20 lacs then I can save 2 lacs and will pay Rs. 90,000/- @ 5% tax and in other hand if I am earning 1 lacs per year then I can save only Rs. 10,000/- and will pay Tax Rs. 4,500/-.

    Dear In this proposal what will the effect on who are earning less and who are earning more.

    Please think about it

    Regards

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