How will the Budget impact your taxes | Budget Information From Finance department

How will the Budget impact your taxes | Budget Information From Finance department

The finance minister’s task is cut out as far as the country’s finances are concerned. Economists agree that Pranab Mukherjee’s focus should be on fiscal consolidation and reforms.

But for the salaried class, this Budget is about a respite from high inflation. Here’s what most analysts expect the finance minister to do to increase money in the hands of the middle class.

Exemption on income tax: Currently, income up to Rs. 1.60 lakh is exempt from income tax. But in a high inflation scenario, analysts have made a case for increasing the exemption limit. Most analysts expect the finance minister to increase the exemption limit to Rs. 2 lakh.

Deduction of interest payment on housing loan: Analysts have made a case of higher deduction on interest payments on housing loans because of rising home loan rates. Currently, deduction on interest on housing loan stands at Rs. 150000. Mehra says, “There have been delays in completion of housing projects and this has hampered the ability of people from getting deduction from interest rate payments.” According to income tax rules the construction of houses should be completed within three years from the end of the financial year in which capital was borrowed.

Related Posts:

  • Indian budget for 2011-12 | Pranab has done a good job | Pranab Mukherjee’s budget Monday earned bouqets from Prime Minister
  • Direct tax code 2012 | what is direct Tax Code | Budget 2011-2012 Direct Taxes Code Bill
  • Railway Protection Force Recruitment | RPF Recruitment 2011 constables | RPF Recruitment 2011 For 11952 Constable Vacancies
  • Union Budget 2011 highlights | No changes in excise duty for cars in 2011 Budget | Excise duty exemptions from 130 items to be removed
  • Sensex extends gains to more than 3 per cent | Sensex erases over 300 pts from day’s high post budget|
Posted by vijay on Feb 27 2011. Filed under Breaking News. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

Facebook comments:

Leave a Reply

Recently Added

  • ANWAR 2011 Movie Online | ANWAR Tamil Movie Trailers | ANWAR Movie Trailers Watch Online Free
  • ARIYAAN 2011 Movie online | ARIYAAN Tamil Movie Watch Onlne | Ariyaan Movie Watch Online Free
  • BHAVANI IPS 2011 Movie | Sneha BHAVANI IPS Tamil Movie Trailers | BHAVANI IPS Trailers watch onlne free
  • SINGAM PULI 2011 Movie Online | SINGAM PULI Tamil Movie Trailers | SINGAM PULI Watch Movie Trailers online
  • KARMAYOGI 2011 Movie | KARMAYOGI Malayalam Movie online | Watch KARMAYOGI Trailers
  • KARMAYOGI 2011 Movie | KARMAYOGI Malayalam Movie online | Watch KARMAYOGI Movie online free
  • CHRISTIAN BROTHERS 2011 Movie | CHRISTIAN BROTHERS Malayalam Movie Online | CHRISTIAN BROTHERS Watch movie online free
  • Mammootty AUGUST 15 Movie | AUGUST 15 Malayalam Action Movie Online | Mammootty 2011 Action Movie August 15 Watch online
  • Mammootty GANGSTER 2011 movie | GANGSTER Malayalam Movie online | Mammootty GANGSTER Watch Online Free
  • ELANJAR 2011 Movie Online | ELANJAR Malayalam Movie Online | ELANJAR Movie Watch Online Free