New Delhi: If you were looking forward to a promising budget, well, Pranab Mukherjee has proved to be a wet blanket all right! The Finance Minister’s Budget speech, though the most awaited thing this month, was… what’s the word we’re looking for? Lukewarm. That’s it! So let’s take a look at what women can expect from the Budget, shall we? About the only decent thing we’ve heard in this year’s Budget is “Tax slabs have been raised!”
The new tax slabs and tax brackets are as follows:
Rs 1,90,000 to Rs 5,00,000 – 10%
Rs 5,00,001 to Rs 8,00,000 – 20%
Rs 8,00,001 and above – 30%
- If your annual income is between Rs 3, 00,000 to Rs 5, 00,000, you will still be in the 10 per cent tax bracket.
- If you are earning Rs 5, 00,001 to Rs 8, 00,000, you will now be in the 20 per cent tax bracket as opposed to the 30 per cent tax bracket.
- And if you are earning above Rs 8, 00,000, you will fall in the 30 per cent tax bracket.
Another benefit for all you career women: If you invest Rs 20,000 in infrastructure bonds, you can increase your deduction limit from Rs 1 lakh to Rs 1.2 lakh. You know how the government introduced a 1% interest subsidy scheme on affordable housing? Well, that’s extended for the coming year too.If you take a Rs 10 lakh home loan and the cost of your house does not exceed Rs 20 lakh, you can avail of the 1% interest subsidy. So this year, you can make your dream home a reality.Excise duty on large cars, sports and multi-utility vehicles has gone up by two per cent. The excise duty on petrol products has gone up by Re 1. Well, your car just got more expensive. But knowing the booming automobile market, you can be sure car dealers will offer you some discount or the other, if not some insurance benefit. So, your ideal car might not be out of reach. But then again, with petrol prices up, your travel might just become a little more expensive. Customs duty on precious metals has been increased. Branded jewellery has been exempt from excise duty. If you love decking yourself up, well, you might not be able to do too much of it this year unless of course you have pots of money. And if you are thinking of buying branded jewellery instead, don’t get your hopes up. Do you actually think they’ll come down with their prices? Toys and books have been exempted from excise duty. The government’s allocation for education has gone up by 25%. Well, you will now have to pay less for your child’s toys and books. Plus, you can hope for a better future for your child.
Bureau Report
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