Comments on: Income upto 10 Lacs, pay 10% tax!

By: Manish Misra

Manish Misra — Tue, 08 Sep 2009 19:25:34 +0000

Thanks for pointing out the error. We have corrected our oversight. Your suggestions for improvement are always welcome.

By: guest

guest — Tue, 08 Sep 2009 18:30:31 +0000

Sir, great website. I would like to point out a small error in this article. In the last table For Senior Citizens, the Rate of Tax column should say "10 per cent of the amount by which the total income exceeds Rs.2,40,000" instead of 1,90,000.

By: manishmisra

manishmisra — Tue, 18 Aug 2009 07:56:56 +0000

We agree, but it may take a little longer for this draft code to be implemented. Implementing it with effect from April 2009 is not feasible. As it is still a draft bill, which needs to be presented in the parliament, based on consensus it needs to be passed in both houses of the parliament, then it needs to be sent for President's ascent, only when the President of India signs it, this bill will become an act of parliament and replace Income Tax Act 1961.

Going by Indian standards, it would be too ambitious to expect it to be passed w.e.f April 2009, even April-2010 looks difficult. At the earliest, we can expect it to be in force w.e.f from April-2011.

By: manishmisra

manishmisra — Tue, 18 Aug 2009 07:49:12 +0000

Dear Khalid, True! these hopes of Indian Citizens might take 2 to 3 years to materialize, but at least now we have a clearer indication of things to come, which is great!

By: Chirag

Chirag — Tue, 18 Aug 2009 02:04:42 +0000

Yes I think. But This step should be taken fast. They say they will implement fro April 2009 but should start from next year itself.

By: khalid

khalid — Sat, 15 Aug 2009 15:44:30 +0000

A very long time hope of Indian Citizens are going to be fulfilled. Every year people asked to finance minister to increase limit will not be there for next some year i hope.
khalid