The Prime Minister’s Economic Advisory Council has recommended that the Finance Minister should adjust indirect taxes on consumer goods in Budget 2008.
This move, the EAC feels, will give manufacturing growth a push, and help maintain economic growth at around 8.5 per cent. The Council also advised the Finance Minister to increase public investment, and [...]

Income tax slab for financial year 2007-2008 assessment year 20008-2009
Taxable income slab (Rs.) Rate (%)
1,10,000 ( for Individual)NIL1,45,000 (for women)NIL1,85,000 (for senior citizens) NIL
Individuals-other than senior citizens and ladies

Up to 110000- No Tax
110001 to 150000-10%
150001to250000-20%
250001and above-30%
—————————————————————————————
Ladies other than Senior Citizens
Up to 145000-No Tax
145001 to 150000-10%
150001to250000-20%
250001and above-30%
—————————————————————————————-
Senior Citizens
Up to 195000-No tax
195001to250000-20%
250001and above-30%
Investment u/s 80C eligible [...]

A budget for prices, farmers and votes. Shame about reform
WHEN Palaniappan Chidambaram, India’s finance minister, started preparing his annual budget speech a few weeks ago, his officials were in buoyant mood and many businessmen positively euphoric. Annual economic growth of around 9% was spreading confidence, and concerns in some quarters that the economy was [...]

The slogans with which Finance Minister P Chidambaram wanted to impress everyone in his speech for the Union Budget for 2007-08 were about inclusive growth, top priority for agriculture and second green revolution.
A close scrutiny of the Budget reveals that he has not put money on the issues of concern that he mouthed in [...]

Budget for the year 2007-08 has come up without marking any significant change the tax scenario of the country. No changes are being marked particularly in the direct tax rates. The tax scenario in the General Budget 2007-08 is as follows:
Direct Tax:
No Change is being marked in the direct tax rates. The threshold limits [...]

The first budget of Independent India was presented on November 26, 1947 by India’s first Finance Minister Sir R.K. Shanmugham Chetty. Since then, 28 Union Finance Ministers have been presenting the budget every year. Initially, much attention was given to the agricultural sector but as later on, the focus shifted to the other sectors [...]

* GDP growth rate estimated at 9.2% in 2006-07.
* Manufacturing growth rate estimated at 11.3%.
* Saving rate of 32.4%, investment rate of 33.8% will continue.
* Tax as % of GDP at 11.4%
* Gross domestic capital formation up 23%.
* Fiscal deficit to be 3.7% in the current year and revenue deficit 2%.
* Fiscal deficit for [...]