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Sunday, Feb 25, 2007
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 Industry & Economy - Budget
Restore standard deduction

In the Finance Act 2006, standard deduction was removed. Salaried class are not allowed any expenses and they pay tax before they spend anything, whereas business class assessees are paying tax on income after making all the expenses. The standard deduction should be restored in the Budget 2007-08. There are no incentives for bank deposits since Section 80L has been removed.

Subrahmanya Bhat, Lecturer in Commerce,

Shree Damodar College of Commerce & Economics

Margao, Goa

More Stories on : Budget | Income Tax

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Stories in this Section
State Bank of Travancore hikes interest rates

I-T exemption limit may be raised to Rs 1.5 lakh
Raise basic I-T exemption limit
Differential tax slabs for corporates
Withdraw service tax on exports biz
Restore standard deduction
Give prime importance to agriculture sector
Need for fair deal on service tax
Service tax must be based on usage
Tax income or expenditure
Reduce corporate, personal tax rates
Allow depreciation sops for salaried
Independent panel to curb black money
Give more sops to investments
More for senior citizens
Allocate more for defence spending
Abolish special additional duty on all imports
Focus on dryland farming
Unearned income must be taxed more
ONGC-Cairn pipeline project: Engineers India to do feasibility study
ONGC appoints consultant for 3rd party audit of wells
SIAM suggests tax deduction for car loans
Plea to include exports to CIS nations for duty credit benefits
CPI opposes power PSUs divestment
Luxembourg sees key role for India in WTO talks
Godrej Agrovet to focus on rural marts
Milk powder export ban: Casein makers unaffected

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