India budget 2010 highlights & India budget 2010 income tax: for poor there is nothing in the budget

New Delhi: India budget 2010 highlights & India budget 2010 income tax: for poor there is nothing in the budget. The whole Indian industry is going gaga over the 2010 budget presented by Pranab Mukherjee, the main trouble shooter of the UPA government. But it seems that the Finance Minister has got it all wrong when it comes to the welfare of the poor in the society.


Read more:


Relief for many as personal income tax slabs raised


PM lauds Mukherjee for 'right mix' budget


Budget highlights


With India’s more than half of the population embroiled in abject poverty and more than ninety five percent people spending their lives under great financial stress, his latest budget seems to have kept only five percent upper crest of the society under its lenses of welfare.


For poor and the most deprived people of our society the budget doesn’t have much to offer.


I rue the fact that Mamata is the railway minister. She should have been the finance minister to have taken up the cause of the poor people who don’t get much from any government.


For them the condition is going from bad to worse.


The first thing that strikes me instantly is the way he has neglected the poorest of the poor in the budget.


Why he has not raised the tax limit for individual earning rupees 1.6 lakh.


Given the fact that the inflation has risen rapidly in the last few years, the Finance minister could have done agreat service for the poor of the society had he raised the limit from Rs 1.6 lakh to Ts 2.5 lakh or Rs 3 lakh.

It is a great disservice to ask a person pay ten percent as income tax if he earns as little as Rs 13500 every month. Even a person earning rupees twenty thousand a month finds it impossible to run his house properly if has one or two kids.

Given the fact that most people in our country support more than their own family and support their parents and sisters and brothers, it is impossible to make ends meet in such a small salary.


The government should have hiked the tax rate for the super rich and increased the threshold limit.

BUDGET HIGHLIGHTS


Income Tax


# Personal Income Tax slabs widened


# Income up to Rs 1.6 lakh – NIL


# Above Rs 1.6 lakh to 5 lakh -- 10%


# Above Rs 5 lakh to 8 lakh -- 20%


# Above Rs 8 lakh -- 30%


# Deduction of Rs 20,000 in long term infrastructure bonds


# Contribution under central scheme to be included for Health Insurance exemption


# Income Tax Department ready with Saral-2 form for salaried tax-payers


# 2,000 Income Tax Returns daily


# Revamp needed of internal working system


# One percent interest subsidy on home loan up to Rs 10 lakh March 2011


# Weighted deduction on RD raised to 200% from 150%=


# Professionals with Rs 15 lakh income need account audit


# Interest on tax deduction, not paid, raised to 18%