DEAR MEMBERS

THE ECONOMIC SURVEY HAS SHOWN THAT THERE IS GOOD AND STABLE GROUD FOR A ENCOURAGING BUDGET. MR. PRANAB MUKHARJEE WILL PRESENT THE UNION BUDGET OF THE NEW UPA GOVERNMET ON 6TH JULY 2009 .

THE GOVERNMENT HAS CLEAR MANDATE THERE IS NO PRESSURE FROM LEFT, FROM REGIONAL POLITICAL PARTIES, THE FM IS A EXPERIANCED POLITICIAN AND NOW TODAY IS 3RD JULY AND RAIL BUDGET WILL ALSO SHOW THE WAY TO FORECAST THE UNION BUDGET.

HERE SHARE YOUR EXPECATATIONS AND FORECASTS FOR UNION BUDGET SPECIALLY ON DIRECT AND INDIRECT TAXEX- INCOEM TAX, SERVICE TAX AND CENTRAL EXCISE.

- CA SUDHIR HALAKHANDI

might be a standard deduction for salaried employees

The exemption limit in income tax for women may increase.

The education cess may get eliminated.

cess eliminated n flat rate of 34 % for corporates

std. deduction for salaried employees

80 C Investments ambit may be increased...investments may go EET from EEE..New Pension Scheme will be included in 80C

Sec.32A Investment allowance may b brought

In process of simplification of taxation, there might be declaration for new tax rates, elimination of all cess, surcharge etc., new tax exemption limit, standard deduction for salaried, additional deduction for housing loan repayment and interest thereon, new tax exemptions for real estate, textile etc. businesses, removal of useless sections, simplification of TDS norms, simplification online filing, revision of medical allowance, conveyance allowance, house rent allowance (All these are not revised in last 5 years).

**DM

My bugdet forecasts:

>> FBT and cesses should be done away with.

>> limit of Intt on loans to be raised from Rs 150,000 to 250,000.

>> Simplification of Tax regime. TDS procedural simplification.

>> Slab Rates of IT to remain unchanged.

>> Deduction U/chapter VIA can be increased from Rs 100,000 to 150,000.