Join Hands to Build a Smarter India: Sign in | Join now
News

Earning Less than 8 Lakh? Your Tax will Go Up

By SiliconIndia  |   Monday, 02 April 2012, 06:23 Hrs   |    2 Comments
26
30
50
13
Print 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 1.2 lakh to 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 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 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 1 lakh deduction limit under Section 80C.



Experts on SiliconIndia
Sunil  Bhat
Project Management
HCL Infosystems Limi
Haresh  Motirale
Founder Director
Brandniti
Jeya  Padmanaban
President
JP Research, Inc.
Sonal  Rochani
President
Shakti Foundation
Chetan  Nagaonkar
Managing Director
eStomi Technologies
Deepak  Gupta
Business Analyst
Wipro Technologies
Sarvesh  Vaidya
Senior Director - HR
Tangoe
Aarthi  G R
HRM Specialist
PlasmaGen
Sign Up for DailyDose and Read the Day's Highlights
Write your comment now
 
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
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   |   Events   |   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