A current survey in India reveals 67 percent of employees received salary hike in the year 2010. Which is beyond expectation. Indian finance ministry declared a new income tax scheme for government and non-government employees. Here is some popular tax saving option for Indian citizens – tax saving bond, funds. Eventually government of India [...]

Finance Minister Pranab Mukherjee on Friday revised the tax slabs for the next Tax financial year.
There will be no tax for income upto Rs 1.6 lakh. The earlier slab was 1.6 – 3 Lakh
For income between 1.6 lakh – 5 lakh, the tax liability will be 10%. The older slab was 3-5 lakh.
For income [...]

Finance minister Pranab Mukherjee on Friday began the presentation of Union Budget 2010-2011 with a renewed sense of optimism over the country’s growth and clear signals from policymakers to bring deficits back to manageable levels.
Expectations are high from the 74-year-old veteran politician, who has tabled four budgets in the past, to address the twin [...]

The Union budget for 2010-11 is likely to be presented on February 26, two days ahead of the usual date.
The new date has been mooted after it dawned on the government that February 28 — itself a Sunday — is sandwiched between Prophet Mohammad’s birthday (February 27), a government holiday, and Holi (March 1).
The [...]

* Plan and Non-plan Expenditure
* Revenue and fiscal deficit
* Developments in agriculture
o Farm credit
o Irrigation
* Transport
* Railways
* Subsidies
* Banking system, Insurance, Agricultural Insurance, National Bank for Agriculture and Rural Development, Regional Rural Banks, Housing loans, Exclusive health insurance, Capital market
* Urban and Rural Infrastructure Development
* Industry
* SMEs
* Gross domestic capital, Foreign direct investment and [...]

* To remove Fringe Benefit Tax
* Surcharge of 10% on personal income tax removed
* No change in Corporate taxes
* Propose to phase out surcharge on Direct Taxes
* States agree on basic structure of Goods and Services Tax
* Commodity Transaction Tax scrapped
* To create Alternate Tax disputes resolution mechanism for foreign companies
* Software Technology Parks [...]

* Scope of presumptive taxation to be extended to all small businesses with a turnover upto Rs. 40 lakh. All such taxpayers to have option to declare their income from business at the rate of 8 percent of their turnover and simultaneously enjoy exemption from the compliance burden of maintaining books of accounts. As [...]

For Male Tax Payers
Upto Rs. 1,60,000 – NIL
From Rs. 1,60,001 to Rs. 3,00,000 – 10%
From Rs. 3,00,001 to Rs. 5,00,000 – 20%
Above Rs 5,00,001 – 30%
For Female Tax Payers
Upto Rs. 1,90,000 – NIL
From Rs. 1,90,001 to Rs. 3,00,000 – 10%
From Rs. 3,00,001 to Rs. 5,00,000 – 20%
Above Rs 5,00,001 – 30%
For Senior citizens Tax [...]