Business & Economy
No income tax up to Rs 1 lakh,
more services under tax net
What is India News Service,
Monday, 28 February 2005, 1400 hrs IST
The Budget 2005-06 has offered an
altered tax bracket, with nil Income Tax for upto Rs 1 lakh nil across the
board. It also envisages more funds for education and health.
Income between Rs 1 lakh and 1.5 lakh will attract 10 per cent and Rs.1.5 lakh
to Rs.2.5 lakh- 20 per cent and beyond Rs.2.5 lakh -30 per cent.
Threshold level for women Rs 1.25 lakh and for senior citizens will be Rs 1.5
lakh and standard reduction has been removed.
Another important relief that this budget offers is the removal of Section 80 L.
More services brought under tax net.
The conveyance and canteen allowances will be outside the tax net but all other
perks given by the employers to the employees, as a collective benefit, will be
taxed at 30 per cent. This new tax will be called fringe benefit tax and will be
levied on employers.
India
unveils budget to fight poverty: India's communist-backed coalition government on Monday unveiled a budget that it said was aimed at combating poverty and helping the common man in Asia's fourth-largest economy.
Budget
could fuel an investment boom: Though
the shadow of Bihar elections will hang heavy over Parliament tomorrow, industry
and corporate circles are expecting that the second budget of the Manmohan Singh
Government will drive investment.
Defence
outlay raised to Rs 83,000: Defence budget will be increased to Rs 83,000
crore in 2005-06, with Rs 34,300 crore for capital outlay alone. This allocation
is against the current year's revised expenditure.
Budget
provides more funds for education, health:
Bharat Nirman Rural Infrastructure Project, higher allocation for education and
almost doubling of resources for the mid-day meal scheme are the highlights of
the General Budget.
Financial Express
• Union
Budget Highlights
• Sensex
rises 1.4 pc on corporate tax cut
• Budget
to help ailing sugar mills
• Refinery
stocks rise on oil duty cuts
• Budget
to push rural spending: FM
• Construction
shares rise on infra spend
• Rupee
little changed on Budget day
• Sensex
starts higher ahead of Budget
• Greater
autonomy for rail PSUs: Lalu
• Goods
tariff rationalised in Rail Budget
• Railways
to cut investments by 6 pc
• Railways'
social obligations to cost Rs 6,661 cr
• Forex
reserves at record $132.96 bn
• 'WTO
must step up talks on services'
Jet
Airways IPO price fixed at Rs 1,100: Jet Airways Ltd has fixed the issue
price for its Initial Public Offering at Rs 1,100 per share. Bidding closed
three days ago.
Catch
a piece of the action in DTH segment: Action seems to be hotting up in the
direct-to-home broadcasting (DTH) segment.
Shasun plans isobutyl benzene plant in Thailand: The Chennai-based Shasun
Chemicals and Drugs Ltd proposes to invest about Rs 32 crore in a project in
Thailand, to produce 5,000 tonnes a year of isobutyl benzene.
Repeal
outdated laws, suggests economic survey:
The economic Survey 2004-05 presented to Parliament by the UPA government has
emphasised repealing of over 1000 outdated century-old laws, rationalisation of
several central and state legislations, further pushing reforms in pension rules
to harmonise them with changing economic scenario.
AP
Govt shelves Kakinada LNG terminal project: The mega LNG terminal project,
proposed to be set up here by the previous Telugu Desam Government, has been
disposed by the Congress Government. It has been shelved.
Business papers
Business Standard
Economic Times
Business Line
Financial Express
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