Standard Deduction should be there in upcoming Budget for Salaried Class People as they are the only people who have to pay the maximum Tax with honesty. Unlike business men, they cant minimize their Tax beyond some point. So I think it must be there in the New Budget 2009.
Regards
R.D Khan Chartered Accountant
The government is also considering a proposal to hike income-tax exemption available for interest payment on home loans to 250,000 rupees a year from 150,000 rupees, says a report. If this proposal comes through it will be a boon.
I wish....!!
That the limit of Rs. 1L on 80C be replaced to a %age of total income before claiming Chapter VI or Rs. 1L whichever is higher. So that people with higher investment power can invest more.
Kothari Jain Patil & Chartered Accountants
Pune
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Chennai
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New Delhi
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