======================= Tax Exemptions : The U-Turn ======================= ******Flashback April 2014:**** On 20th April 2014, Arun Jaitley demanded a raise in the Income tax Ceiling from 2 lakh to 5 lakh rupees. He claimed that such a move will benefit 3 Crore people who can save Rs 24 crore which will lead to a small impact of 1 to 1.5 per cent of National Tax Fund. Jaitley said,the savings of Rs 24 crore in the pockets of ordinary person by reducing ceiling on Income Tax will lead to increased purchase which in turn will lead to increased VAT and Excise Duty thereby increasing the Revenue. Refer : economictimes.indiatimes/articleshow/34013531.cms?intenttarget=no&utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst ******Fast Foward July 2014***** In his maiden 100 Crore budget speech, Arun Jaitley raised the exemption limit of income tax from Rs 2 lakh to Rs 2.5 lakh for all individual tax payers below 60 years, which is less than 2.5 lakh from his own demand. His statement: I propose not to make any changes in the tax rate. However, with the view to provide relief to small and marginal and senior citizen, I propose to increase the personal income tax exemption limit by Rs 50,000 from Rs 200,000 to Rs 250,000 in case of all individual tax payer who are below the age of 60 years, . This move will benefit approximately 2 crore people. =========================== Whatever happened to the 3 crore people who were supposed to be benefited and the 24 crores that were supposed to be saved? I believe that Saheb and his team have understood that running a nation is not as simple as running a Twitter Campaign via Photoshop Laghu Udhyog from Nadiad. *Copied from a friends wall.
Posted on: Fri, 11 Jul 2014 04:33:12 +0000
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