CURRENTLY ONLY RURAL DEVOLOPMENT PLANS ARE ANNOUCED,WHAT ABOUT DIRECT TAXES

DTC will be put into force from 1/4/11

pranab ji awarded earlier as best finance minister in the world ......in indira gandhi period

 Union Budget 2010: Peak excise duty increased, a negative for auto, steel and cement companies,

No tax on income up to Rs 1.6 lakh, 10% tax on income of Rs 1.6 lakh upto Rs 5 lakh, 20% on income of Rs 5 lakh upto 8 lakh and 30% on income above Rs 8 lakh

SERVICE TAX RETAINED AT 10%

THRESHOLD LIMIT:

UPTO 1,00,000/-        NIL

1,00,000/- TO 5,00,000/-    10%

5,00,000/- TO 8,00,000/-    20%

8,00,000/- AND ABOVE       30/-

Tax for Male junior citizens & Female junior citizens.............same?????

/forum/aam-aadmi-budget-i-dont-think-so--70986.asp

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Dear Murthy

THRESHOLD LIMIT is :

UPTO 1,60,000/-        NIL....

New Siplified Saral 2 forms for Salaried Employees,

Additional Rs.20000 as Deduction on Infrastructure Bonds u/s 80C,

MAT from 15% to 18%,

No Capital Gain Tax on conversion to LLPs,

Surcharge of Corporates reduced to 7.5% from 10%.

Interest on TDS (late payment) is now 18% (earlier 12% pa)

The following are my opinion

1. I feel that Direct tax regime is begining to die. They have shifted interest from Direct tax to Indirect tax because collection in direct tax is very difficult than Indirect tax. Our Indirect tax teacher said that future of Tax practitioner lies in Indirect taxes because Indirect tax collection is all set to over take direct tax collection. This is evident 4m fact of increase in indirect tax + introduction of new taxable services and reduction in direct tax liablity for individuals.

2. It is sin to be poor. Rich becomes richer & richest, poor becomes poorer and poorest

3. 1.4.2011 is going to bring substantial challenges to CA's and going to kill CA students esp who are multiple attempt candidates because IFRS convergence, introduction of Direct tax code, introduction of Goods & service tax and mandatory application of AS 30,31 & 32 all takes place wef 1.4.2011.