Search

Earning Less than 8 Lakh? Your Tax will Go Up

By SiliconIndia   |   Monday, April 2, 2012   |    2 Comments
26
Separator
30
Separator
50
Separator
13
Separator
Print Print Email Email

Bangalore: The taxpayers have one more reason to get frustrated with the recent budget. The Finance Minister not only kept the tax-saving limit under Section 80C unaltered, but the deduction under Section 80CCF for infrastructure bonds has been removed. This will cut down the total tax savings from Rs.1.2 lakh to Rs.1 lakh which will thrust up the payable tax for individuals.

The deduction was increased two years ago and it has to be extended every year through an amendment. Tax experts had dreaded the worst when the finance minister did not mention it in his budget speech this year. Finance Ministry sources now authenticate that the Rs.20, 000 deductions has been allowed to tumble this year.

It has come clean by now that the change will not burn those with an income of less than Rs.5-6 lakh a year. The taxpayers in this section generally did not invest in infrastructure bonds in a huge way as the tax benefit is lesser for this slab. In a lot of cases, these taxpayers failed to exhaust even their Rs.1 lakh deduction limit under Section 80C.


Write your comment now
Submit Reset
Reader's comments(2)
1: welcome come to : http://www.iloveushopping.com Cheapest Air

Max
Shoes,Tiffany Jewelry Company,Wholesale AF Clothing

accept any payment!

lower price fast shippment with higher quality!!

BEST QUALITY GUARANTEE!!

SAFTY
Posted by:bahuiqijsi - 04 Apr, 2012
2: it will surely frustrate the tax payers.
Posted by:rimi - 02 Apr, 2012
Looking For Loan? Let us Help you !!!
Product
Name
City
Phone
Email
Loan Amount
Annual Income
Preferred banks
Captcha
Type the characters you see in the picture
  Submit
Sign Up for DailyDose and Read the Day's Highlights
Email:
Social Media
SiliconIndia About Us   |   Contact Us   |   Help   |   Community rules   |   Advertise with us   |   Sitemap   |  
News:       Technology   |   Enterprise   |   Gadgets   |   Startups   |   Finance   |   Business   |   Career   |   Magazine  |   Newsletter   |   News archive  
Cities:        CEO   |     Startup   |   Mobile   |   CIO   |   Women   |   BI   |   HR   |   SME   |   Cloud   |   Marketing   |   QA   |   Java   |   Web Developer  
Community:      Members   |   Blogs   |   Indian Entrepreneurs   |   Gyan   |   Advice   |   Community   |   Find   |   CXO Insights  
Job Board:      Jobs   |   Freshers   |   Companies   |   HR Speak   |   Forum  
Online Courses:   Web Developer   |   Java Developer   |   CCNA Training   |   SEO   |   SAS   |   SQL Server 2005   |   J2EE
Education:   MBA   |   MCA   |   Engineering   |   Training Institute
Life:          Real Estate   |   Travel   |   Finance   |   Gadgets   |   Movie Reviews   |    Jokes  
Send your feedback and help us continue to improve SiliconIndia
© 2014 InfoConnect Web Technologies India Pvt Ltd. all rights reserved