Making a household budget may seem like a chore. An unreasonable and unnecessary addition to your already long list of duties. But the benefits of making a household budget greatly outweigh any disadvantages of having to do so. Here is why.
Have you ever received a letter from the bank telling you that your account [...]

When Reserve Bank of India (RBI) governor D. Subbarao reads out the mid-term monetary policy statement, concern about inflation, which dominated monetary and fiscal policy measures in the last one year, is likely to have been replaced by worries about economic growth.
A confluence of recent developments, such as a slowing economy, a cash and [...]

*Rs. 60,000 Crore Agricultural Debt Relief Package; Complete Loan Waiver For Small And Marginal Farmers; 4 Crore Farmers To Benefit
* Rs.2,80,000 Crore Target Set For Farm Credit In 2008-09; Short Term Crop Loan To Continue At 7 Per Cent Interest
*Irrigation And Water Resources Finance Corporation To Be Set Up;  Rainfed Area Development Programme To [...]

Union Finance Minister P Chidambaram presented his fifth Budget in Parliament on Friday (29-feb-2008). Following are the highlights of the union budget of India, 2008-2009.
Highlights of Budget 2008-2009:
* Modifications in IT slab. Edge of exemption for all Income Tax assesses increased from 1, 10,000 to 1, 50,000.
* The latest tax slabs will be – [...]

*Sarva Shiksha Abhiyan will be provided Rs 13,100 crore,
*Mid Day Meal scheme Rs 8,000 crore, Secondary education Scheme Rs 4,554
crore.
* 410 additional Kasturba Gandhi Vidyalaya to be set up in backward blocks.
* Navodaya Vidyalayas to be opened in 20 districts with special focus on regions having SC/ST concentration.
* Allocation of Rs 130 crore for [...]

Income Tax
Senior citizens’ exemption hiked from Rs 1,95,000 to 2,25,000
Women exemption threshold hiked from Rs 1,45,000 to 1,80,000
Tax exemption raised from 1,10,000 to 1,50,000
Tax slab for Rs 3-5 lakh is 20%, above 5 lakhs 30%

Agriculture
Agriculture grew by 2.4%
Marginal, small farmers to get full waiver on all loans
Scheme of debt waiver and debt relief for [...]

PERSONAL TAX RATES
For individuals, HUF, Association of Persons (AOP) and Body of individuals (BOI):
For the Assessment Year 2008-09
Taxable income slab (Rs.)
Up to 1,50,000      NIL
Up to 1,80,000 (for women) NIL
Up to 2,25,000 (for resident individual of 65 years or above)     NIL
1,50,000 – 3,00,000     10%
3,00,001 – 5,00,000     20%
5,000,001 upwards     30%*
*A surcharge of [...]

P Chidambaram had indicated that there could be a significant revamp in the taxation schemes. The direct taxes could be reduced from the existing 33.6 per cent, inclusive of surcharge to about 25 – 30 per cent. Thus, the reduction in the direct taxes would come as a sigh of relief to the several [...]