Finance Budget 2008

The budget for the year 2008 was presented in the parliament today by Finance Minister Mr.P Chidambaram. Even though the income tax limit has been raised from the present 1.1 lakhs to 1.5 lakhs in case of male tax payers, i feel that it is not sufficient. Added to the income limit, the savings rebate should also have been raised to 1.5 lakhs from the present 1 lakh. As most Central Government employees are bound to be benefited by the 6th Central Pay Commission to be announced soon, the increase in salary would be indirectly taken away by the government in the form of income tax! However a positive point is the withdrawal of Bank Cash Transaction Tax. The increase in Securities Transaction Tax and introduction of Commodities Transaction Tax was not well received by the Stock Market as the market plunged into red closing 246 points down on the BSE Sensex.