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WHAT WE GOT |
WHAT NOT GOT |
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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 |
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No hike in exemption for medical expenses which is upto Rs. 15000 annually at present. |
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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? |
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No increase in maximum amount eligible for exemption under section 80C, which is Rs. 100000 at present. |
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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? |
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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? |
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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!!! |
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No Standard deduction for salaries!!! |
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No depreciation allowable for personal vehicle for attaining duties. |
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No demolition of professional tax which is an additional burden for entry level employees. |
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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?
CAclubindia
