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Budget 2011-12 For Employees

CA. Dashrath Maheshwari 
on 09 March 2011

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WHAT WE GOT

WHAT NOT GOT

New category of VERY senior citizens (above 80 years) to get higher IT deduction limit of Rs. 5 lakh (How much people will come under this category!)

No hike in exemption for transport allowance which is Rs. 800 per month at present

 

No hike in exemption for medical expenses which is upto Rs. 15000 annually at present.

Income tax exemption for ordinary taxpayers raised from Rs. 1.6 lakh to Rs. 1.8 lakh. Tax relief is about Rs. 2,000 across-the-board. (What about women!!!)

No change in exempted children education allowance which is Rs. 100 per month per child upto 2 childs, at present !!! Can we get admission of our childs to school at just Rs. 150 per month?

 

No increase in maximum amount eligible for exemption under section 80C, which is Rs. 100000 at present.

Senior citizens to get higher IT deduction limit of Rs. 2.5 lakh. Entitlement age reduced to 60 from current 65

Exemption towards Hostel allowance is upto Rs. 300 per month per child for maximum 2 childs! Can anyone get a hostel admission for just Rs. 300 per month?

 

No change in formula set for HRA emeption calculation where maximum exemption is limited to 40% of basic salary+DA, even if you are residing in Bangalore or Hyderabad. And further its limited to Rent Paid minus 10% of Basic Salary+DA. WHY?

Tax deduction for investment in infrastructure bonds of Rs. 20,000 extended for one more year

Entertainment allowance is available to Only government employees, others don’t need entertainment!!!

 

No Standard deduction for salaries!!!

 

No depreciation allowable for personal vehicle for attaining duties.

 

No demolition of professional tax which is an additional burden for entry level employees.

 

Too Complicated taxation for salaried employees. One should be a mathematician to compute income from salary if he is not a chartered accountant !!!

Government thinks that salaried people don’t need to eat, meet and greet. They are just like robot, they are in-human and do not have any expenditure except as provided (within the limit) to earn the income! No inflation affect to salaried employees! How insane is this?




Category Income Tax
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CA. Dashrath Maheshwari 

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