As per latest political news, the former BJP president Nitin Gadkari has today arrived at Nagpur. Gadkari has been charged under corruption charges by the Congress-led UPA government and the former BJP President threatened to sort out the income tax officials involved in conducting raids on Purti Groups.
Earlier, officials of the I-T department had raided the offices of Gadkari’s Purti Groups. His companies are under the scanner for using illegal or un-declared finances. Read more
The Bollywood superstar Amitabh Bachchan reacted philosophically to the development. The megastar was issued a notice by the Supreme Court over tax dues on Tuesday. Read more
Bringing “Aam Admi ka Budget”, Finance Minister Pranab Mukherjee on Friday proposed a big relief for small tax payers by raise the tax exemption limit to Rs2 lakh per annum from Rs1.80 lakh.
Presenting his Budgetary report in Lok Sabha, Mukherjee said, “My proposals on direct taxes are estimated to result in a net revenue loss of Rs4,500 crore for the year.”
Something more is in Budget of 2012-13 as raise the limit to Rs10, 000 of interest income from tax along with tax rate.
Now on basis of Budget proposals, tax payers will have to pay 10% tax on income between Rs2 lakh and Rs5 lakh; 20% between Rs5 lakh and Rs10 lakh; and 30% for above Rs10 lakh. Read more
Today’s good news for taxpayers, who wants to save their money not easing to tax, is that the Parliamentary standing committee on finance in line with the DTC Bill this budget recommends hiking basic tax exemption limit from Rs 1.8 lakh to Rs 3 lakh and another Rs 3.20 lakh rebate for eligible investments and spending.
However while these recommendations will approve by govt., then taxpayers would pay tax on upto Rs 6.20 lakh as against a maximum of Rs 4.85 lakh including the rebate for housing loans. Read more
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