The Tax Preparation Blog

Archive for April, 2008

Question: Union Budget India 2008: Has this budget tax revision implemented yet?

Bcz I dont see any increase in my monthly salary atleast by 500 RS.
This is what I heard from news.

# Changes in I-T slab. Threshold of exemption for all Income Tax assesses raised from from Rs 1,10,000 to Rs 1,50,000.
# Every income tax assessees to get relief of minimum of Rs 4,000.
# No change in rate of surcharge.
# New tax slabs will be: 10 per cent for Rs 150,000 to Rs 300,000, 20 per cent for Rs 300,000 to Rs 500,000 and 30 per cent above Rs 500,000.
# For women, the income tax limit goes up from Rs 1.45 lakh to Rs 1.80 lakh. In case of senior women citizens, it increases from Rs 1.95 lakh to Rs 2.25 lakh

Answer: The budget 2008 is effective from 1.4.2008 to 31.3.2009.

You do not get more salary by this. You have to pay less tax that is all.

If your salary is Rs.1.5 lakhs (per year) from last year, then you might have paid Tax on Rs.40,000 @ 10%= Rs.4,000

For the same salary Rs.1.5 lakhs per year, this year you need not have pay any tax. That means a relief of Rs.4,000 !!!.

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Answer: best to use snail-mail, most of the time their computer is down.

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