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NEW DELHI: The government on Thursday
raised the income tax exemption limit to Rs 1 lakh while imposing a two per
cent education cess on taxable income. Finance
Minister P Chidambaram, presenting the Union Budget for 2004-05 in the Lok
Sabha said the proposal to raise the IT exemption limit to Rs 1 lakh would give
relief to 1.4 crore assessees. A person having taxable income exceeding
Rs 1 lakh will now be required to pay in additional to income tax (after
rebate), an education cess at the rate of two per cent. The tax proposals
specify that a person having income exceeding Rs.8.50 lakh would be required to
pay 10 per cent surcharge on the total income tax payable after the rebate, and
also the education cess. For example, an individual with a
taxable income of Rs 1 lakh (after standard deductions at the old rate) will
not be required to pay any income tax, while a person having taxable income of
Rs.1.50 lakh will now have to pay an income tax of Rs.19,380 (including the
education cess). An individual having a taxable income of
Rs. 8.50 lakh will have to pay an income tax of Rs 2,33,580 (Rs.4,580 more than
what he paid last year). Family pension
received by widows, children and nominated heirs of members of the armed forces
and the paramilitary forces killed in action will be exempted from income tax. The benefit of Section 80 DD and Section
80U is being extended to people suffering from autism, cerebral palsy and
multiple disability. Compensation for acquisition of agricultural land in
certain urban agglomerations is to be exempted from capital gains tax in cases
where the compensation or the enhanced compensation has been received on or
after April 1, 2004. Gifts from unrelated persons above the
limit of Rs 25,000 is to be taxed as income while gifts received from blood
relations, lineal ascendants and lineal descendants and gifts received on the
occasion of marriage up to a limit of Rs 1 lakh will continue to be exempt from
tax computation. Tax on long-term capital gains from
securities transactions is to be abolished and instead a tax on transactions in
securities on stock exchanges is to be levied on the buyer at the rate of 0.15
per cent of the security value. This
means that a transaction involving securities valued at Rs 1 lakh will now bear
a small tax of Rs 150 and this will be levied on the buyer. The rate of tax on
short-term capital gains from securities has been reduced to a flat rate of 10
per cent. Announcing these measures, the Finance
Minister said that out of nearly 3.40 crore people filing income tax returns,
only 2.70 crore assessees are tax payers and the new proposals will give relief
to 1.40 crore assessees. Chidambaram
assured the House that if the tax compliance improves, he may revisit the
subject. |
