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India - Budget 2008

 
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Income Tax reduced

Up to 1.5 L -- no tax
1.5 l to 3 L -- 10%
3L to 5L -- 20%
5L and more -- 30%

Some news to enjoy!!!

Short Term Gain tax increased from 10% to 15%
Stay invested for long...says Chidambaram!

- Manish
 
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At least there is something for working class this time.
 
Chetan Parekh
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Senior citizens' exemption hiked from Rs 1,95,000 to 2,25,000
Women exemption threshold hiked from Rs 1,45,000 to 1,80,000
 
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Good budget so far
 
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Market went down
 
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Dude,these brokers require any reason to bring market down.Even light fart by Fidel Castro can make brokers somehow relate that to investment and economy and bring market down.
 
Manish Hatwalne
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Market went down because Short Term Capital gains tax is increased from 10% ro 15%. And Sandip is right as well!
 
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I think its a good budget.Almost everybody who is into IT related fiel is going to save 35 to 45000 Rs in coming financial year.
 
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Assuming your salary is more than 5 lacs, this budget will be overall favorable until you make a capital gain around 8 lacs of Rupees. Around 8 lacs, the short term 5% increase in capital gain tax will offset the Rs 44,000 you will save in tax (assuming you are a male and a non-senior citizen). But hang on- if I have made Rs. 8 lacs short term capital gain- I perhaps won't mind paying extra 5% extra tax. Overall, this looks like a good budget!
 
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