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BUDGET 2016-2017 Special

Latest Updates -
-The latest income tax slabs for 2016-2017 can be found here - Income tax slabs 2016-17.

-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 2016-17.

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

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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.

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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.

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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.

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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.

Income tax slab 2012-2013

The latest income tax slab to calculate your tax for Year 2012-2013 based on budget 2012 budget.
Tax exemption limit raised to Rs 2 lakhs and tax rates has changed for other slabs too.
Use our Free income tax calculator for getting an idea of how much tax you will be saving compared to last year per the latest tax rates.

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India Union budget 2012 highlights

The highlights of the Union budget 2012 presented by Finance Minister Mr. Pranabh Mukherjee.

  • Tax exemption limit increased to Rs 2 Lakhs and the other tax slabs were modified. Currently there is no difference between the tax paid by men and women. Refer the Latest tax slabs for more details.
  • Interest incomes of up to Rs 10,000 will now be exempted from from tax.
  • Direct tax code will be implemented at the earliest.
  • Goods and services tax (GST) to be operational by August 2012
  • GDP growth projected at 7.6%

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Government and RBI together will contain the rising inflation

Attributing the inflation to global price pressures Finance Minister Pranab Mukherjee today assured that the government and RBI together will be able to contain the rising inflation.

The inflation in the country currently has reached 9.78 % in the month of August. A 0.56% increase from the 9.22% in the previous month.

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RBI hikes rates by 50 basis points

To tame the ever rising inflation, the Reserve Bank of India (RBI) has again increased the repo rate by 50 basis points. The new repo rate is 8 percent. The repo rate is the rate at which the central bank lends money to other banks.

With this 11th interest rate hike in the last 15 months, RBI is making it clear that it is taking the rising inflation very seriously.

The increase in repo rate is expected to affect auto loans, home loans, personal loans and other borrowings. The loans are now going to cost more.

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Sahaj and Sugam - Income tax forms introduced to simplify tax filing

Sahaj - for salaried people and Sugam - for small businessmen and professionals, are the two income tax returns filing forms introduced by the Income tax department aimed at simplifying income tax filing.

The forms are specially targeting the small businessmen and salaried persons and is another step in making tax filing more user friendly and simpler.

Government is also going ahead with the plans to exempt salaried income people earning below 5 lakhs from filing income tax returns. They only have to file their tax returns if they request any income tax refund.

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