Union Budget 2013-2014

ramkasi

Active member
#3
I want 50,000 increase in tax slab for all slabs. and up to 25,000 exemption on fixed deposit interest in a year.

:D:D Like Long term there should be no short term capital gain tax :tongue:.

ramK
 

Alchemist

Administrator
Staff member
#4
I want 50,000 increase in tax slab for all slabs. and up to 25,000 exemption on fixed deposit interest in a year.
I feel no major tax cuts will be done in the budget.

Chidambaram has promised a "responsible" budget.

The government is unlikely to reduce its expenditure. Only other way to reduce the fiscal deficit is to increase taxes.
 

paran

Active member
#5
What are your expectations from the budget tomorrow?
My "expectation" would be

1. Increase the base tax limit from 2L to 4L.

2. Increase the FD's TDS on interest from 10K to 25K.

3. Increase the House loan tax exemption from 1.5L to 3L.

4. Make a way for food grain good storage for farmers.

"My feeling" is that FM PC won't do anything.

As usual he will target salaried people and increase the taxes here & there by a small percentage.
 

San Yad

Active member
#6
My "expectation" would be

1. Increase the base tax limit from 2L to 4L.
(NOT possible at all in this govt.)

2. Increase the FD's TDS on interest from 10K to 25K.
NO

3. Increase the House loan tax exemption from 1.5L to 3L.
May be

4. Make a way for food grain good storage for farmers.
Will never do that. Out of thinking even.


"My feeling" is that FM PC won't do anything.

As usual he will target salaried people and increase the taxes here & there by a small percentage.
Unfortunately I believe so too. :(.

Happy Investing!
 

magnet

Active member
#7
My expectation

1::At least this year (tax limits) it should be increase till 2.5 Lakhs (women and senior citizen up to 2.75 lakhs). I don't expect much on this front, major reform might happen when DTC sets.

2: TDS limit increase up-to 30000. Advance tax payable only if tax outgo is 25000 from present 10000.

3::Tax heavily people who do lavish weddings.

4::Also tax farmers who drives in Mercs and all and don't pay a singe penny.

5::Reduction on import duty and customs on consumer electronics like LED and gadget :biggrin:

6::Tax on diesel cars and incentive to go for CNG and electronic cars.

7::Increase in medical reimbursement or deduction from 15000 to 50000 or at-least till 30000.

8::Standard deduction for salary class people for basic expenses.

9::80C limit increase with also other education related expense beside tuition fees count in it. Also If PPF too counted in new limit a welcome move.

10:Bring gold related investment instrument with easy investment plan. RGESS has lot of headaches. New demat account.Form A fill. KYC check.Whereas to buy gold you need cash in pocket and you have gold.
 

Alchemist

Administrator
Staff member
#8
As I had expected, there is no real change on the expenditure side.

Government will continue to spend more and more money on its "social" schemes.

FY14 plan expenditure will be 30% more than FY13 plan expenditure (revised estimates).
 

magnet

Active member
#10
People taking a home loan in 2013-14 for an amount up to Rs 25 lakh will be allowed an additional deduction of Rs 1 lakh.

Rs 50000 crore tax-free bonds to be issued in FY14.

Infrastructure Debt Funds will be encouraged.
 
#11
About first time home loan deduction

How will this work out in the below case?

Suppose a home loan is taken jointly by a couple for 25 lac?

As per existing norms, I think both are eligible to claim the interest paid while filing the IT returns i.e both can make a claim of 1.5 lac individually (Please correct me if my understanding is wrong on this point?)

So now if it's a first time loan, then will both be able to claim 2.5 lac individually?

(I don't think the interest paid will be more than 3 lac if loan amount is less than 25 lac assuming 10% interest rate.)

OR

Can they split a loan of a higher amount and show it as 2 loans of less than 25 lac and make use of this additional deduction? (I think this is not possible, but want to get it clarified).

P.S: Maybe my understanding is bit wrong. I hope the seniors will correct my understanding on home loan taxation.
 

magnet

Active member
#12
I give 9 out of 10 for budget.

One point for increasing taxing limit and 8 points for not introducing foreign laws (inheritance tax).


:rofl:

This budget will remain active for 2 years.

Next year being election year interim budget will come .So changes in slab and all won't be effected.And when main budget comes by new party in middle say June or afterwards they will say no point introducing slabs now as already year is in middle (like what Pranab da did in first budget on this present UPA regime).
 
Last edited:
Top