Budget 2012: You get to save Rs 22,000 in Income Tax, but be ready to spend more on everything else

From The Economic Times 17 March 2012
He's attempted to put more money in your pockets by nudging tax exemption limits upwards. But that will still prove to be loose change when you consider that the finance minister hopes to shore up revenues by making almost everything you set out to spend on more expensive. In already inflationary climes, that's not going to help bump up consumption. 

"The signals are not good considering consumer demand is anyway low due to recurrent price hikes on account of commodity inflation and other macroeconomic conditions," says Manish Sharma, managing director, Panasonic India. "Demand will get dampened and we expect the (consumer durables) industry growth to be hit by 10-15% this year, after last year's dismal singledigit growth rate," he adds. 

Budget 2012: How to not pay any tax with an income of Rs 7.85 lakh

From The Economic Times 17 March 2012

The hike in I-T exemption limit from Rs 1.8 lakh to Rs 2 lakh saves men Rs 2,060 in annual taxes, but women gain only Rs 1,030 since they had a higher limit of Rs 1.9 lakh. Senior citizens gain nothing since they were even now not paying tax below Rs 2.5 lakh a year.

The shift in slabs with 30% kicking in at Rs 10 lakh, not Rs 8 lakh, means those between these two limits save anything from Rs 2,060 to Rs 22,660 per annum (or Rs 1,030 to 21,630 for women), while those with annual incomes above Rs 10 lakh save Rs 22,660 (or Rs 21,630), irrespective of their income. For senior citizens, savings are at best Rs 20,600. 

Now, BSF Bill in trouble as CPM raises questions

From Express news service : New Delhi, Wed Mar 14 2012

After the National Counter Terrorism Centre and the Railway Protection Force Act, the Centre is likely to face similar protests from the Opposition on the Border Security Force (Amendment) Bill. In this case too, the contention is that the Centre is trying to usurp the powers of the states.

The CPM flagged off the debate, with senior leader and Rajya Sabha MP Sitaram Yechury asserting that the BSF Bill was a “direct intrusion into the rights of the states”. The Bill proposes to extend the area of BSF’s operation to any part of India as notified by the Centre.

Yechury said some members of the parliamentary committee had questioned the need for widening the scope for deployment of the BSF in the hinterland areas. The parliamentary standing committee on home headed by BJP’s Venkaiah Naidu had, however, adopted the Bill without any changes after deliberations, but suggested that the concerns be addressed appropriately.

Taking a dig at the Trinamool Congress, Yechury said UPA allies who do not like the policies of the Congress should quit the coalition. Referring to the DMK stalling the RS over the Sri Lanka issue, he said it was peculiar to see government allies disrupting Parliament.

http://www.indianexpress.com/news/now-bsf-bill-in-trouble-as-cpm-raises-questions/923513/