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Thread: budget & finance bill differs on IT exemption

  1. #1
    Member nsdev007
    Join Date
    Jun 2008
    Posts
    31

    Default budget & finance bill differs on IT exemption

    (I) In the case of every individual other than the individual referred to in items (II) and (III) of this Paragraph or Hindu undivided
    family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in
    sub-clause (vii) of clause (31) of section 2 of the Income-tax Act, not being a case to which any other Paragraph of this Part
    applies,
    Rates of income-tax
    (1) where the total income does not exceed Rs. 2,00,000
    (2) where the total income exceeds Rs. 2,00,000 but does not
    exceed Rs. 5,00,000
    (3) where the total income exceeds Rs. 5,00,000 but does not
    exceed Rs. 10,00,000
    (4) where the total income exceeds Rs. 10,00,000
    Nil;
    10 per cent. of the amount by which the total income
    exceeds Rs. 2,00,000;
    Rs. 30,000 plus 20 per cent. of the amount by which
    the total income exceeds Rs. 5,00,000;
    Rs. 1,30,000 plus 30 per cent. of the amount by which
    the total income exceeds Rs. 10,00,000.

  2. #2
    Member nsdev007
    Join Date
    Jun 2008
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    Default

    budget announcement was 250000. finance bill shows 200000.http://indiabudget.nic.in/ub2014-15/fb/bill1.pdf

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