Comments on: Income Tax Exemption Limit Increased | Union Budget 2009 Taxation Highlights http://www.etaxindia.org/2009/07/income-tax-exemption-raised-union.html Wed, 21 Dec 2011 14:09:15 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Achinta Roy Basunia http://www.etaxindia.org/2009/07/income-tax-exemption-raised-union.html#comment-3064 Achinta Roy Basunia Fri, 30 Apr 2010 11:09:31 +0000 http://etaxindia.org/?p=202#comment-3064 Thanks to this team, for the give us current information. From, Achinta Roy Basunia Thanks to this team, for the give us current information.

From,
Achinta Roy Basunia

]]> By: Shanmukha http://www.etaxindia.org/2009/07/income-tax-exemption-raised-union.html#comment-2802 Shanmukha Thu, 15 Apr 2010 05:49:49 +0000 http://etaxindia.org/?p=202#comment-2802 I want to know the Tax Exemption Limit for the Year 2010-11. Regards, Shanmukha I want to know the Tax Exemption Limit for the Year 2010-11.

Regards,
Shanmukha

]]> By: A.Narendar http://www.etaxindia.org/2009/07/income-tax-exemption-raised-union.html#comment-1652 A.Narendar Fri, 05 Feb 2010 15:05:12 +0000 http://etaxindia.org/?p=202#comment-1652 I am physically handicapped,state govt employ pl.suggest how shall I calculate my income tax under 80DD? I am physically handicapped,state govt employ pl.suggest how shall I calculate my income tax under 80DD?

]]> By: A.Narendar http://www.etaxindia.org/2009/07/income-tax-exemption-raised-union.html#comment-1651 A.Narendar Fri, 05 Feb 2010 14:42:26 +0000 http://etaxindia.org/?p=202#comment-1651 I am physically handicapped,state govt employ pl.suggest how shall I calculate my tax I am physically handicapped,state govt employ pl.suggest how shall I calculate my tax

]]> By: Harjit Singh http://www.etaxindia.org/2009/07/income-tax-exemption-raised-union.html#comment-883 Harjit Singh Wed, 02 Dec 2009 11:44:33 +0000 http://etaxindia.org/?p=202#comment-883 I want to know latest amendments in TDS & Income Tax I want to know latest amendments in TDS & Income Tax

]]> By: Pari r http://www.etaxindia.org/2009/07/income-tax-exemption-raised-union.html#comment-49 Pari r Fri, 14 Aug 2009 12:12:07 +0000 http://etaxindia.org/?p=202#comment-49 Sir / madam I want TDS & Service tax. Rules & Regulation. Challan, return tax rate. Kindly inform Me. Sir / madam
I want TDS & Service tax. Rules & Regulation. Challan, return tax rate. Kindly inform Me.

]]> By: CA SANJAY KUMAR http://www.etaxindia.org/2009/07/income-tax-exemption-raised-union.html#comment-40 CA SANJAY KUMAR Thu, 13 Aug 2009 15:25:13 +0000 http://etaxindia.org/?p=202#comment-40 In the era of libralisation & globlisation , the draft direct tax code , would be strongly welcomed at all levels , like users , assessee , professionals , others . They have simplified the proceudres and also present it into lucid manner. These are the follwing comments :- 1. The base of calculation of MAT must be revisit , because the asset base liability would create a lot of financial hardship to some company , resulting the basis to efficient use of asset would be waste, for example , those industry requiring huge capital base / incoming project would be affected . At the same time, the Mat for new service industry , in the initial year would be lessor. In the following way, it can be provided in the code it self Option I The lower of the follwing would be MAT- 1. MAT liabilty as per current practice /as per IT ACT or 2. Mat computation as proposed -on % on Asset base . Option-II The proposed rate may be reduced . II. The HRA Deduction for Salaried Personnel must be continued , because it will be hardly effected to Low salary group , The Investment range -up to 3.0 Lacs will be not reachable to all, since it is payment based. Further, since the Deduction for rent to other than salaried person is continue , so , it seems that , if you are not allow the HRA Exemption , it won't taste the cannon of Equity & justice to all. In this context , you can impose the Maximum cap of HRA Exemption , in the follwing ways :- a. For Cosmo/Metro Cities/A-Grade Cities(All State Capital) - Max. 50000 p.m. b. For Other Cities - Rs.20000 p.m. III. To promote the taxation regime from EEE To EET, a precaution must be taken with respect to its application , otherwise , therewould be a huge withdrwal from govt fund/ EPF/ Post office / other scheme of Tax saving before 01/04/2011. It must be clear the date of investment , means , All Tax saving investment made from 01/04/2011 or onwards would be only covered in EET. Meaningthereby , If any investment made before that date and resulting to withdrawl due to maturity / otherwise would be exempt in the hands of employee For this , the onus to prove such fact would be on the assessee itself. In the era of libralisation & globlisation , the draft direct tax code , would be strongly welcomed at all levels , like users , assessee , professionals , others .

They have simplified the proceudres and also present it into lucid manner.
These are the follwing comments :-
1. The base of calculation of MAT must be revisit , because the asset base liability would create a lot of financial hardship to some company , resulting the basis to efficient use of asset would be waste, for example , those industry requiring huge capital base / incoming project would be affected .

At the same time, the Mat for new service industry , in the initial year would be lessor.

In the following way, it can be provided in the code it self

Option I
The lower of the follwing would be MAT-
1. MAT liabilty as per current practice /as per IT ACT
or
2. Mat computation as proposed -on % on Asset base .

Option-II
The proposed rate may be reduced .

II. The HRA Deduction for Salaried Personnel must be continued , because it will be hardly effected to Low salary group ,
The Investment range -up to 3.0 Lacs will be not reachable to all, since it is payment based.

Further, since the Deduction for rent to other than salaried person is continue , so , it seems that , if you are not allow the HRA Exemption , it won’t taste the cannon of Equity & justice to all.

In this context , you can impose the Maximum cap of HRA Exemption , in the follwing ways :-
a. For Cosmo/Metro Cities/A-Grade Cities(All State Capital) – Max. 50000 p.m.
b. For Other Cities – Rs.20000 p.m.

III. To promote the taxation regime from EEE To EET, a precaution must be taken with respect to its application , otherwise , therewould be a huge withdrwal from govt fund/ EPF/ Post office / other scheme of Tax saving before 01/04/2011.

It must be clear the date of investment , means , All Tax saving investment made from 01/04/2011 or onwards would be only covered in EET.

Meaningthereby ,
If any investment made before that date and resulting to withdrawl due to maturity / otherwise would be exempt in the hands of employee

For this , the onus to prove such fact would be on the assessee itself.

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