Income Tax Slabs For Financial Year 2015-2016 :
In less than 24 hours, Finance Minister Arun Jaitley will present Narendra Modi-led government’s first full-fledged budget. Union Budget 2015-16 being the first budget, there are a lot of expectations from the government which promised ‘Achche Din’ in its extensive electoral campaign last year. The talking point of every Union Budget is the Income Tax slab which affects every a huge section of the Indians.
Every year, every government devises a new tax slab structure which tries to ease norms for the people who pay income tax. In his interim budget last year Finance Minister increased the limit of income tax by Rs 50,000. Instead of easing norms and increasing the exemption limit in the tax slab, can the government completely abolish the income tax? The answer to it is Yes!
There were widespread discussions on the issue of abolishing income tax when Narendra Modi-led BJP government took over. Before and after the Lok Sabha Elections and even before the interim budget was passed in July last year; there were speculations that the Modi government may do away with the Income Tax.
Senior BJP leader Subramanian Swamy even listed steps as to how should the abolishing of Income Tax will rather help the country increase its savings than losing out on revenue. It is less known that the blueprint of India’s economic reforms in 1990-1991 was prepared by Swamy and not former Prime Minister Dr Manmohan Singh.
Will Be Updated on 28th Feb 2015
All India Bank Strike : 25th – 28th February 2015 (25/2/2015 To 28/02/2015) :
Today’s wage revision negotiation between UFBU and IBA failed, as IBA improved its earlier offer of 12.50 % to 13%. As per the source close to the developments, UFBU revives the agitation programme. Call given for 4 days strike programme from February 25, 2015 to February 28, 2015 followed by indefinite strike from March, 2015.
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