Ease of taxation, money security major relief
Our Correspondent
Hamirpur, February 1
The ease of taxation and security of money are the major relief provided in the Union Budget, said Rajeev Sharma, vice-president of Chartered Accountants Association of Himachal Pradesh, here today.
He said that to raise the income tax free limit from Rs 2.5 lakh to Rs 5 lakh was a major decision of the Central Government. This would not only provide relief to lakhs of people from income tax hassles but would also improve their purchasing power.
He added that all income segments had been considered for tax relief. The income between Rs 5 lakh and Rs 7.5 lakh would be taxed at 10 per cent, between Rs 7.5 lakh and Rs 10 lakh at 15 per cent, between Rs 10 lakh and Rs 12.5 lakh at 20 per cent and for between Rs 12.5 lakh and Rs 15 lakh at 25 per cent. The tax on income above Rs 15 lakh remains at 30 per cent.
He added that deductions and exemptions of over 70 types had been removed but the option was left to the taxpayer to chose the new regime.
Arun Giri, president of District Income Tax Bar Association, said that the Union Budget had also eased the tax filing process.
