Financial Daily from THE HINDU group of publications
Monday, Mar 14, 2005

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Budget proposals

The Budget does not offer the kind of relief talked about to the salaried class.

The last taxable income slab of Rs 2.50 lakh and above with a rate of 30 per cent does not take into account the fact that an annual salary of Rs 2.50 lakh is not uncommon today.

There should have been another slab for taxable income, say, Rs 5 lakh and above, to avoid this disparity.

Further, limiting the ceiling for all types of savings to Rs 1 lakh coupled with the removal of standard deductions is no consolation to those tax payers who are not in a position to claim exemption up to Rs 1.50 lakh.

One hopes that the Finance Minister will reconsider these provisions of the Budget before the Finance Bill is enacted.

N. Vijaygopalan


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