Monday, March 3
Bonanza leaves salaried class drooling
N Mahalakshmi, Rediff.com,March 01, 2003
Individuals, especially the salaried class, have a lot to cheer about this year's "budget". The finance minister has definitely put some money into their pockets. All things considered, individuals will pay lesser taxes this year.
Rewarding the salaried class for demonstrating better tax compliance, the finance minister has raised the standard deduction limits. For individuals with an annual income of up to Rs 5 lakh, the standard deduction has been raised to 40 per cent of salary, or Rs 30,000, whichever is lower. [...]