Tax amendments expected in union budget 2013

Tax Amendments Expected in Union Budget 2013

The government has been trying to make the tax laws simpler every year; however, there are numerous amendments required in the tax laws. The union budget for the FY 2013-14 will be presented before the Parliament on 28th February 2013 and the finance minister has promised many reforms expected to combat inflation along with stable tax rates. There may also be some changes in the tax slabs to provide some relief from the ever-growing inflation. Here are a handful of the number of amendments expected and predicted by analysts in the Union Budget for 2013-2014.

Financial Exemption Limit

The financial limit i.e. the tax limit is increased once in a while by the finance minister. However, it needs to be aligned according to the increasing daily expenses. If this part is taken into consideration then the exemption limit for every individual tax payer should be Rs. 2,50,000 p.a. A lower exemption limit leads to tax evasion and it has been observed earlier that tax collection increases with a reduction in All these changes are expected to make way for economic reforms and boost the country’s slow economy.

 What will happen eventually will unfold on February 28!