Income Tax rates unchanged in latest budget

Income Tax rates unchanged in latest budget

The national budget was presented today in the Indian parliament and thankfully, for all the income tax payee in the country, nothing was changed. The government has decided to keep the income tax rates unchanged.

However, the good thing is that the government has cut import and excise duties on a wide range of goods and services. The fiscal year starts from April this year when all these new regulations would come into effect.

The finance ministry is aiming at reducing the deficit to 3.8 percent of gross domestic product of about nearly US$800 billion next year from an estimated 4.1 percent this year with this new budget.

Government is hoping that they would recover these new cuts by increased tax revenues. They have done more good by reducing taxes on soft drinks and smaller cars in addition to some plastic products and packaged food.

The budget helped the Indian stock market gain close to around 1.2 percent. Critics would be happy too as the budget has more allocations for education, health and rural employment programs. We are happy that smaller cars are cheaper as some of us dudes at TechWhack are considering buying one in the coming days.