Pre-budget discussion

Sorry to point out nikita that deduction u/s 80 C is not a standard Deduction... Nikita standard deduction is u/s 16(a) which is already nullified. (Nullified mean section is exist but provision is not exist) . But still yar good topic . I bel Deduction u/s 80 C will be increased by Rs. 50,000 and tax free amount will be Rs. 1,50,000 .Wats your opinion

hello Mr. Daga,

Its true as to what u have pointed out but let me give you the latest news.. even sec-80C deduction are now referred to as standard deduction.. anyways being an auditor urself its an indispensible part-to find faults :)

lets carry fwd the discussion in a more fruitful manner...

Also in service tax we can expect an increase in taxable services.. around 12 more services will come in the ambit..

Hahahahahha Again sorry to spoint out nikita that Sec. 80 C stil is a part of Chapter VI of income tax act, 1961...(Standard deductions are those deduction which you will deduct from the net amount and Chapter VI deduction you will get only when you invest acc to the prov.) So i am sorry to say.. but still good try and you know i dont have any experiance in the audit i am doing the valuation fo pvt company...but still yar thode se knowledge hai...wateverr.. But for service tax no idea yar i am good in income tax companies act mafa or as..but i like it

Hey nikita no response

I think instead of raising the deductions available under 80C,it would be better if the basic exemption limit is raised from 1L to 1.5L owing to the Buoyancy in the tax collections..

yar even i bel they raised exemption limit upto 1.5 lacs as well as increase the exemption of 80c also ...

How the department is going to ensure the same effectivenes with which they collect tax from salaried class with other class of assessees is the most important issue to be debated.