My Tax Form Info

INDIA’S INTERIM BUDGET: FINANCE MINISTER FAILS TO ACT ON ECONOMIC SLOWDOWN

The Industrialist, investors & common man had a 
close eye on the interim finance budget and were
eagerly waiting for 3rd Stimulus Package in form
of the budget. But New Delhi failed to deliver it to
its citizen.  

Monday was the complete whitewash for everybody. The tax rates for F.Y. 2009-10 were kept same as they were for F.Y 2008-09. No subsidy or tax reliefs were announced in this interim budget. In personal taxation their was need to increase the limit of Chapter VI A Deduction from Rs.1Lac to Rs.1.5Lacs; this would have led saving habit among the people. There was also demand to cut excise duty on various items like steel, automobiles etc. but this was also not fulfilled. To tackle with job loss, unemployment a contributory unemployment fund should have to setup. In this fund their should have equal contribution from employer as well as employee. Both will be allowed to get tax exemption on their contribution towards the fund. Overall in my contest the government failed to deliver the much awaited stimulus package in form of interim budget which was the need of time.