proposed marginal Rs10,000 increase in threshold tax
exemption limit while foisting an additional one per
cent education cess on them has greatly disappointed
personal income tax payers.
the backdrop of rising prices and high inflation, tax
payers were expecting increase in exemption limit by
Rs30,000 to Rs50,000. But the threshold limit now stands
at Rs1,10,000 against Rs1,00,000 earlier.
increase in exemption limit, which will provide a relief
of Rs1,000 to Rs2,000, will be partly neutralised by
increase in education cess from 2 per cent to 3 per
has to be paid not only on income tax but also on all
products and services covered under excise, customs
and service tax.
raising dividend distribution tax from 12.5 per cent
to 15 per cent, the finance minister has put additional
burden on taxpayers investing in stock markets.
budget proposes to increase the income tax exemption
limit from Rs1,00,000 to Rs1,10,000. For women, the
exemption limit has been raised from Rs1,35,000 to Rs1,45,000,
and for senior citizens from Rs1,85,000 to Rs1,95,000.