Hello
Today the Budget for FY 06-07 was presented by the Finance minister and the important point to each one of us is whether there has been any change in the IT rates, which will directly affect our take home salary.
So, the happy news is: There is No change in income tax rates
Other details related to IT:
1. The one-by-six scheme for mandatory filing of tax returns has been abolished and an increase in the Securities Transaction Tax across the board has been proposed.
(one-by-six scheme refers to the six conditions such as credit card, foreign travel etc -if you satisfy even one of these conditions you have to fill your IT return)
2. The minister did not bow to the demand of industry to withdraw the Fringe Benefit Tax but he modified it to remove some of the glitches in its implementation. Similarly, he ruled out withdrawal of Banking Cash Transaction Tax
(one-by-six scheme refers to the six conditions such as credit card, foreign travel etc -if you satisfy even one of these conditions you have to fill your IT return)
2. The minister did not bow to the demand of industry to withdraw the Fringe Benefit Tax but he modified it to remove some of the glitches in its implementation. Similarly, he ruled out withdrawal of Banking Cash Transaction Tax
More details on the Budget 2006 ....soon.
Check http://ndtvprofit.com for brief details.
Regards
Kanuj
Please check my blogs for more information
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