financeminister.in - Union Budget 2008

Latest India income tax slabs and free quick India income Tax calculator from FinanceMinister.in

financeminister — Tue, 10 Mar 2009 05:11:21 +0000

Financeminister.in provides you the latest income tax slabs India. The free India income tax calculator for the current financial year, Official government of India finance links, Union budget analysis and other India finance news.

Education gains this budget - 3 new IITs, 16 universities

financeminister — Mon, 03 Mar 2008 05:22:20 +0000

Union budget saw an allocation of Rs 38,702 crore for education. Rs 27,850 crore is given for school education from which elementary education has been given Rs 19,777.50 crore. The Mid day meal scheme is to receive Rs 8,000 crore. The scheme will be extended to all children up to upper primary level (from classes 1 to 8).

Highlights -

3 new IITS - Bihar, AP, Rajasthan will get one each
16 new Central universities
Rs. 750 crore for upgradation of 300 ITIs
Rs 44 crore allocated for 22 Sainik schools

Defence spending hiked

financeminister — Sat, 01 Mar 2008 05:48:34 +0000

The 2008 budget shows an increase of ten percent in defense spending. This is to accelerate the ongoing modernization drive in the military.

The defense authorities are gearing up the phasing out of soviet era war crafts. On plan are 10 billion dollar deal to buy 126 fighter jets from US. And the army plans to import 30 billion dollar worth of equipments in next couple of years.

Sensex drops 500 points after budget announcement

financeminister — Fri, 29 Feb 2008 12:22:21 +0000

The Sensex has dropped 500 points soon after budget proposals were announced. This was attributed to the raise in short term capital gains tax from existing 10 percent to 15 per cent. Also the corporate tax rates remained unchanged.

Excise duty structure on petrol, diesel changed

financeminister — Fri, 29 Feb 2008 12:03:34 +0000

Finance Minister Chidambaram moots plan to restructure excise duty on sales of petrol and diesel. He has raised the flat rate excise component by 1.35 rupees a litre at the same time abolishing the existing 6 percent excise duty. The change is not going to affect the current price of fuels.

Shares of oil firms fell slightly owing to failed expectations for the oil sector.

Costlier and cheaper - The budget after effects

financeminister — Fri, 29 Feb 2008 10:25:14 +0000

Tax decreased on

Small cars and hybrid cars - Excise duty reduced from 24 per cent to 14 per cent.
Two wheelers - Excise duty reduced.
Consumer goods - 2 per cent cut in excise duty on all consumer goods.
Sports goods
Life saving drugs including anti AIDS drugs will now enjoy tax breaks.

Tax increased on

Cigarettes - Non filter cigarettes also to be taxed same as filtered cigarettes.
Mobile phones - One per cent excise duty proposed on mobile phones.

Modified India income tax slabs "2008 2009" per budget 2008

financeminister — Fri, 29 Feb 2008 07:40:57 +0000

The detailed income tax slabs / income tax rates for 2008-2009 and a free income tax calculator based on the latest tax slabs.

India Income Tax slab changes summary -

Changes to income tax slabs in this budget from previous budget are -

Income tax threshold in India has been raised to Rs. 1.5 lakhs from the existing 1.1 lakhs. This will give a relief of Rs. 4000.00 for each Indian tax payer.
For women there is no tax for income below Rs 1.80 lakh
Senior citizens need not pay tax for income below Rs 2.25 lakh.

Union Budget 2008 and tax slab highlights

financeminister — Fri, 29 Feb 2008 07:16:14 +0000

Finance minister P. Chidambaram has presented the union budget for year 2008-09 today. Major highlights of the budget. The changes include modified income tax slab.

Main attraction - Income tax slabs has been changed drastically in this budget.

Income tax slab base for 2008-2009 raised to 1,50,000 rupees. View latest income tax slabs
Corporate tax slabs remain unchanged
Excise duty on 2/3 wheelers cut to 12 pct from 16 pct
Major focus on farm and inflation

Union budget for 2008-09 to be presented today

financeminister — Fri, 29 Feb 2008 06:33:51 +0000

Finance minister P Chidambaram will be presenting the Union budget for 2008-09 today. This will be the last full budget of the UPA government before general elections next year.

This will be the seventh budget that Chidambaram will be presenting. He is expected to present a budget that can please all sections of the society. It will be a difficult task before him to please everyone and at the same time maintain a balance in the economy.

Rising food prices and fears of inflation is one of the major issues before him.