Skip to main content

BUDGET 2018-2019 Special

Latest Updates - -The latest income tax slabs for 2018-2019 can be found here - Income tax slabs 2018-19.
-The latest free income tax calculator to calculate your latest tax and to compare your tax savings from previous year can be found here Free Income Tax calculator for calculating tax for 2018-19.

Latest Income tax slabs for FY 2014-2015

The latest income tax slab for 2014-2015 based on the union budget 2014 presented on 10 July 2014.


BUDGET 2014-2015 Highlights

Union budget 2014-2015 was presented by Minister of Finance Arun Jaitley. The highlights of the budget.


Interim budget 2014

The Interim budget for 2014 was presented on 17 February 2014 by Minister of Finance Mr. Chidambaram.
The main highlights of the Interim budget 2014

  • GDP growth expected at 4.9 percent
  • No modifications to the income tax rates
  • Reduction in indirect taxes on cars and mobile phones
  • Bonds of 500billion Rupees on plan for Buyback / switch

The interim budget is presented since the tenure of existing government will be over in May. The new government is expected to present the budget for 2014-2015 during the month of July.


Income tax slabs for FY 2013-2014

Income tax slab applicable for 2013-2014 per union budget 2013-14 presented on 28 February 2013.


Union budget 2013 Highlights

No changes to the income tax slab or the rates and an additional rebate for people with income less than Rs 5 lakhs are the main highlights of the budget. In addition, the highlights of the Union budget 2013 presented by Minister of Finance Mr Chidambaram today are the following -


Union Budget 2013-2014 - The challenges facing the Minister of Finance

Minister of Finance Sri Chidambaram is facing a tough task in preparing the union budget 2013. On the one hand is the Lok sabha elections of 2014 that calls for popular measures and increased spending from the government. While on the other hand is the challenging state of the economy that calls for tough action including cut backs on government spending.

The main challenges the Minister of Finance will be facing this year will be


Import duty on Gold and Titanium increased

Ministry of Finance today raised the import duty on Gold and Platinum from the existing 4 percent to 6 per cent. This increase is targeted at containing the increasing import of gold that has resulted in an increase of current account deficit (CAD).

Currently a huge amount of wealth in India is locked in Gold as people consider Gold as a viable investment. The Government is looking at other options also to bring this huge amount locked in gold out to the market.


Last date for E-filing extended to 31 August 2012

The deadline for income tax returns e filing has been extended to 31 August 2012. Tax filers will now get an extra month to file their e-returns.

To help tax payers with e-filing, the Income tax department has has set up kiosks in major cities.

Also salaried employees with total income less than Rs 5 Lakh and having less than Rs 10,000 in interest earned from bank accounts are exempted from filing tax returns for assessment year 2012-13. Tax payers are advised to check with the Income tax department to get details on other exceptions related to filing returns.


RBI leave interest rates intact

Reserve Bank of India (RBI) has today left the key interest rates unchanged stressing that it is committed to contain inflation and at the same time maintain growth. The repo rate remains at 8 percent and cash reserve ratio remains 4.75 percent.

But RBI reduced the statutory liquidity ratio (SLR) by 1% to make it 23 per cent from the existing 24 percent.


E filing of returns made compulsory for income over 10 lakh

E-filing of tax returns is compulsory for people with annual income greater than Rs 10 Lakh during the year 2011-2012.

Finance Ministry statement issued on 2 July 2012 has again indicated that the e-filing is mandatory. The e-filing requirement was optional during the previous financial year.

Please note that the deadline for filing income-tax returns will be 31 July 2012.


Premium Drupal Themes by Adaptivethemes