How Budget Affects Your Earnings and Investments
By SiliconIndia
The tax reformations presented in the Union Budget are as follows –
- The basic exemption limit has been increased to Rs.2 lakh.
- 30 percent tax will set in only after reaching an amount of Rs.10 lakh, as compared to the earlier limit of Rs.8 lakh.
- Deductions made under Section 80CCF are being debated upon and no clear information has been given about it.
- The government is planning to raise Rs.60,000 crore through tax-free infrastructure bonds. However, further clarification is required on this topic.
- Indian citizens will be taxed based upon their age and income and not gender.
- A tax exemption limit of Rs.5,000 will be given for medical check-ups.
- Limit for business ventures to maintain books of accounts for an audit has been increased from Rs.60 lakh to Rs.1 crore.
- Businesspeople with an annual turnover of less than Rs.1 crore can file their tax returns with the help of ITR (Income Tax Return Filing) - 4 or ITR - 4S.
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