Pay only 10% tax on 10 lac salary :O. This is kind of good news. More money will trigger more spending and stimulate the economy.
Savings limit is also going to be increased from 1 lac to 3 lacs.
For traders and Investors STT will be abolished.
Govertment Securities Interest tax free and business loss can be carry forwarded indefinitely.
Some good news in otherwise dull market in absence of monsoon.
Wednesday, August 12, 2009
New Direct Tax Code : Government Putting money in citizens Pocket
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2 comments:
IMO the new tax laws would not be good in the long run. There would be taxes on savings and that would lead to people not to save. The only reason that I put my money in PF is that when I withdraw it will be tax free!
Yes there are pros and cons.....this is the draft version...Lets see how the final bill will look like....it will be effective from 2011 and our future investments and saving will depend on the final picture..
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