Loading...

Chidambaram and your pocket

Select measures taken by the finance minister in the past four Budgets that made you richer—or poorer.

Print Edition: March 6, 2008

Select measures taken by the finance minister in the past four Budgets that made you richer—or poorer


Service tax raised from 8% to 12%; plus 1% surcharge and several new services
Impact: Poorer

Securities transaction tax of 0.15% introduced after removing long-term capital gains tax on equities
Impact: Richer

Senior Citizens Savings scheme at 9% interest rate for people above 65 years
Impact: Richer

RBI tax-free bonds scrapped. Relaunched at lower interest rate and made taxable
Impact: Poorer

Tax-free income threshold raised to Rs 1.1 lakh a year for males, Rs 1.45 lakh for females and Rs 1.95 lakh for senior citizens
Impact: Richer

Tax on cash withdrawal of over Rs 25,000 a day from current account of banks
Impact: Poorer

Omnibus Section 80C replaces web of tax rebates. Annual exemption limit raised to Rs 1 lakh
Impact: Richer

Fringe benefit tax introduced to bring a number of perks under the income tax net
Impact: Poorer

2% education cess levied on all taxes; later raised to 3%
Impact: Poorer

1-by-6 scheme to determine obligation to file return abolished
Impact: Neutral

Tax exemption on interest income of up to Rs 10,000 a year removed
Impact: Poorer

  • Print
  • COMMENT
BT-Story-Page-B.gif
A    A   A
close