Expected Tax Rate Slabs For Cooming Finance Bill Act, 2008

This query is : Resolved

CA Umashankar Vaishnav (Querist)
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25 February 2008 As per my opinion the Expected Tax Rate Slabs for the cooming Finance Bill, Act 2008 will be as under:(individual only)

For individual(other than women & senior citizen):

upto Rs.1,25,000- tax rate-nil

12,5001-1,50,000-tax rate-10%

1,50,001-2,50,000-tax rate-20%

2,50,001-10,00,000-tax rate-30%

Above-Rs.10,00,000-tax rate-30%

surcharge being same as 10% in case of total income exceed Rs.10,00,000. Edu cess being constant at @ 3%

For a women being age below 65yrs.

upto Rs.1,65,000-tax rate-nil

1,6,5001-2,50,000-tax rate-20%

2,50,001-10,00,000-tax rate-30%

Above Rs.10,00,000-tax rate-30%

surcharge being same as 10% in case of income exceed Rs.10,00,000.

Edu cess being constant at @ 3%

For senior citizen (Age remain 65yrs. or above)

upto Rs.2,05,000-tax rate-nil

2,05,001-2,50,000-tax rate-20%

2,50,001-10,00,000-tax rate-30%

surcharge being same as 10% in case of income exeed Rs.10,00,000.

Edu cess @ 3%.

post your's opinion in this regards is it (A)Good, (B)Better, (C)Best,

(D)Not Bad, (E) very Rediculus.

from umashankar vaishnav

C.A.-Final

CA. GOPAL SONIKA

CA. GOPAL SONIKA (Expert)
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25 February 2008 Good
But the FM should also consider the exemption allowed to Govt Employees. Why they should not be charged to tax for salary received. Why so many exemptions only to Govt Employees.
What have U to say

R.V.RAO

R.V.RAO (Expert)
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25 February 2008 CHANAKYA THE MASTER OF MACRO ECONOMICS SAID TAX SHOULD BE LEVIED SUCH THAT IT SHOULD NOT PINCH.
MR.CHIDAMBARAM KNOWS THIS PERHAPS AND STARTED LEVYING SERVICE TAX . SO FAR HE LEVIED IT ON 105 ITEMS. NOW HE WILL INCREASE THE NUMBER OF SERVICES ON WHICH SERV. TAX WILL BE LEVIABLE. I DOUBT IF HE WILL INCREASE SERV. TAX RATE AS ELECTIONS ARE DUE IN 2009.
AS DIRECT AND INDIRECT TAX REVENUES SURPASSED ESTIMATES IN THE YEAR 2007-2008, AND DUE TO MORE TAX COMPLIANCES BY TAX PAYERS , THERE IS ALREADY A HINT IN SEVERAL SECTIONS OF OUR ECONOMY FOR MORE SOPS AND OFCOURSE DUE TO ELECTIONS IN 2009 ALSO.
I EXPECT THE BUDGET TO GIVE SOME GOODIES/WHIPPINGS LIKE
1. INCREASE IN BASIC TAX EXEMPTION LIMIT
2. REDUCTION IN IMPORT AND EXCISE DUTIES.
3.INCREASING NUMBER OF SERVICES TO BE COVERED UNDER SERV. TAX.
4. REMOVAL OF DOUBTS IN SOME AREAS OF FBT
5. EASING TRANSFER PRICING MECHANISM.
6. NOT TO TOUCH CORP. TAX RATES.
7. TIGHTENING OF SOME LOOSELY WORDED SECTIONS IN TAX LAWS.
8. E FILING COMPLIANCES MAY BE MADE MORE MANADATORY FOR NON CORP. ASSESSEES.
9. SOME POPULIST- AAM AADMI- SOPS AS A PRO ELECTION BUDGET.
AS FAR AS TAX SOPS TO WOMEN ARE CONCERNED , THERE IS A RECENT COURT PETITION PENDING IN COURTS AS TO CONSTITUTIONAL VALIDITY OF DISCRIMANATION OF SEXES IN TAXATION IN THE ECONOMY AS TO WHY WOMEN SHOULD BE PROVIDED A HIGHER TAX EXEMPTION.LET THE F.M DECIDE .HE IS AN EMINENT LAWYER AS ALSO HIS WIFE. SO BOTH WAYS HE MAY TILT.
R.V.RAO

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CA Hemant T Dewani

CA Hemant T Dewani (Expert)
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25 February 2008 your opinion is best but our finance minister is expert in this issue because
everybody want maximum benefit so i hope coming budget is faviourable as per your
choice