Budget Blues Revisited

The Finance Minister P. Chidambaram in his budget speech delivered in the Lok Sabha ( Lower House of Parliament) on 28th February, 2007 said :-

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"My tax proposal on direct taxes are estimated to yield a gain

of Rs. 3000 crore. On the indirect taxes side, the proposals are

revenue neutral."

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What does this mean? It means Rs. 3000 crore is come from individual tax payers and corporate tax. According to an estimate made by the mint an individual earning Rs. 5 lakhs with a tax bill of Rs. 1.02 lakh will end up paying Rs. 99,910, even after the enhanced exemption of Rs. 1.1 lakhs; a mere saving of Rs. 2090.

We have to wait for the next Budget to know, if this budget was for the long term, or the short term or the starting of end of term ( for the UPA government in power).



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