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Budget 2012: Will the aam admi get some tax sops?

Budget around the corner, the so-called 'Aam Admi' curious to know whether an increase in their disposable incomes. Each year there is a general expectation of the individual taxpayer on the budget proposals with respect to personal taxes, particularly on the tax / tax records. This expectation is further increased this time due to the impact of the global economic slowdown that directly or indirectly affect the growth in India and the inflationary trends in the domestic market.Let us first look at the change in the tax records in the past 5 years. As seen above, the exemption threshold is increased through the years. One must keep in mind that the Indian tax laws no great deduction (other than a threshold of Rs 1,00,000 & medical claim) for the expenses paid to taxpayers and all income above the limit is subject to tax. The 2012-13 budget can provide courage to the Aam Admi the government said it is considering restructuring the income tax records and the income tax exemption limit.According to various media reports, could the new tax slabs in accordance with the direct tax code (DTC) Bill. As indicated in the DTC, income between Rs 2,00,000 and Rs 5,00,000 per annum will be taxed at 10%, income will be between Rs 5,00,000 and Rs 10,00,000 will be taxed at 20% and income above Rs 10,00,000 will be taxed at 30%. These rates are nowhere near the tax rates proposed by the first version of DTC. The first DTC draft proposed 10% tax on income from R 1,60,000 to Rs 10,00,000 and 20% VAT rate between Rs 10,00,000 and Rs 25,00,000 and 30% tax rate on income above Rs 25,00,000.Click here for full coverage on the 2012 budgetAn increase in the basic exemption limit to Rs 2,00,000 for persons younger than 65 years compared to the current limit of Rs 1,80,000 would be a welcome change.Currently the highest tax rate of 30% applies to income above Rs 8,00,000 per year. This maximum may be improved to 10,00,000 Rs, resulting in cost savings and also a number of aligning the plates with the proposed DTC.For reference, a comparison of the current tax rates and tax rates under the proposed DTC laid out below: Despite Rejig, the taxes paid by individuals in India is still among the highest in the world. As indicated in recent media news, the Indian companies during their usual pre-budget meeting advised the Ministry of Finance to the tax rates at their current level, but increase the exemption limits have kept the growth of consumer spending to encourage. A Rejig in tax rates and tax records to a greater tax compliance by individuals.If India continues its steady progress with the economic transition from a developing to a developed country, rearrangement of the tax laws in line with these developments is a priority for effective growth.

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