The Home Minister, Mr P. Chidambaram, wants the rich to be taxed more to sustain the Indian dream of inclusive growth.
“I am (was) the Finance Minister who slashed your tax rates. And I am now suggesting to raise the rates, putting the onus on the richer classes,” he said, while addressing a function of [...]

Indirect Taxes
The indirect tax proposals were designed mainly to hedge the losses arising from the altered direct tax rates. Certain provisions are likely to impact the pockets of an average Indian, nullifying some of the direct tax benefits. Some of the expected changes from the industry point of view have not been considered.
- Peak [...]

For Male Citizen :
Then: The pre-budget period witnessed that the basic exemption limit was Rs. 1, 60, 000, where the total income of the assessee was in between Rs. 1.6 lakhs to Rs. 5 lakhs; tax levied on total income was 10%, in case the total income fell in between Rs. [...]

The Cabinet on Wednesday approved a capital infusion of Rs 6,000 crore into public sector banks, in addition to the Rs 15,000 crore allocated in the Union Budget. The funds would be used to bolster the capital base of the state-owned players to help them meet lending needs. Following the infusion , the government [...]

1. Income-tax, in India, is a tax payable, annually, at the rate enacted by the Indian Union Budget (Finance Act) for every Assessment Year, on the Total Income earned in the Previous Year by every Person.
2. The chargeability is based on the nature of income, i.e., whether it is revenue or capital. The principle [...]

Income Tax Slab Rates 2010-11

* The Indian economy was facing grave uncertainty. Growth had started decelerating when the interim and full budget for 2009-10 were presented.
* At home there was added uncertainty because of subnormal southwest monsoon.
* Yet, the economy now in a far better position than it was
eight years ago.
* India weathered the economic crisis well 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 [...]