Bangaloreans cheer hike in income tax exemption

July 27th, 2009 NEW DELHI - Finance Minister Pranab Mukherjee Monday had a ready answer to the remarks by opposition leader Jaswant Singh last week that the income tax exemption in the budget was not enough to even buy a bottle of whiskey. "He should give up (whiskey) if he has not already given it up," Mukherjee told the Lok Sabha, the lower house of parliament, responding to Singh's remarks during the debate on the Finance Bill.

July 6th, 2009 In an effort to provide interim relief to small and marginal taxpayers and senior citizens, the Finance Minister of India, Pranab Mukherjee presented the Union Budget 2009-10 today. This years budget witnessed a gradual hike in the income tax exemption limit.

July 6th, 2009 NEW DELHI - Donations to electoral trusts will be allowed a 100 percent deduction from the income of the donor for income tax purposes, Finance Minister Pranab Mukherjee announced here Monday in the union budget for 2009-10. The house will agree that it is desirable to bring about transparency in the funding of political parties in the country, Mukherjee said in his budget speech.

July 6th, 2009 NEW DELHI - Finance Minister Pranab Mukherjee Monday promised to revamp the country's tax structure, with a simple and exemption-free regime in four years. This is in line with the government's stated agenda of a new income tax code to simplify the tax structure that is replete with exemptions and complex provisions.

July 6th, 2009 NEW DELHI - Tax-paying individuals stand to benefit this fiscal. Finance Minister Pranab Mukherjee has eased their tax burden and provided relief for specific groups of people such as senior citizens, physically handicapped and women.

July 6th, 2009 NEW DELHI - In a bid to give a fillip to the current round of auction of hydrocarbon assets, Finance Minister Pranab Mukherjee Monday extended the tax exemption on profits in the natural gas sector. The ministry of petroleum and natural gas has been seeking tax holiday to the natural gas sector since last year, when the 2008 auction deadline had been postponed many times due to confusion over this issue.

July 6th, 2009 NEW DELHI - Finance Minister Pranab Mukherjee Monday proposed to increase the income tax exemption limit for senior citizens by Rs.15,000, for women and others by Rs.10,000 each, while keeping the corporate tax rate unchanged. The exemption limit will now be Rs.240,000 for senior citizens, Rs.190,000 for women and Rs.160,000 for others.

July 6th, 2009 PANAJI - Neither Goa Chief Minister Digambar Kamat nor the captains of industry have acknowledged any specific benefit to the state's crucial tourism industry in the union budget presented Monday. While the Congress chief minister in his formal reaction welcomed the budget for its thrust on rural development and listed a string of generic highlights, Kamat failed to acknowledge how the financial exercise would specifically benefit Goa.

July 2nd, 2009 BANGALORE - The residents of Bangalore have expressed widespread resentment over the fuel price hike announced Wednesday which, they feel, would result in increase in prices of other essential products and services. After the hike of petrol prices by Rs.4 per litre and diesel prices by Rs.2 per litre, Bangaloreans now have to shell out Rs.50.66 per litre for petrol and Rs.37.01 per litre for diesel.

July 2nd, 2009 AGARTALA - Tripura Chief Minister Manik Sarkar Thursday demanded that the central government immediately withdraw the hike in petrol and diesel prices while the ruling Communist Party of India-Marxist (CPI-M) announced mass demonstrations Friday to protest the hike. Petroleum Minister Murli Deora Wednesday announced a hike of Rs.4 per litre for petrol and of Rs.2 for diesel.

July 2nd, 2009 AGARTALA - The Tripura unit of the Communist Party of India-Marxist (CPI-M), the dominant partner of the ruling Left Front, will hold agitations across the state Friday to protest against the hike in fuel price. Petroleum Minister Murli Deora Wednesday announced a hike in petrol price by Rs.4 per litre and by Rs.2 per litre for diesel, attributing it to rise in global crude prices.

June 17th, 2009 NEW DELHI - Federation of Indian Chamber of Commerce and Industry (FICCI) has called for cheap export credit and income tax exemption for export earnings for Indias garments exporters. At a meeting with Textiles Minister Dayanidhi Maran Wednesday, FICCI advocated credit for exporters at an interest rate of 7 percent, 100 percent exemption on income tax for export earnings for three years, initiation of skill development programmes, and reimbursement of duties to exporters.

May 29th, 2009 NEW DELHI - The government may hike coal prices marginally, Minister of State for Coal (Independent Charge) Sriprakash Jaiswal said here Friday. "Keeping in view the current economic situation, we can hike the price if required, but the hike will be marginal," Jaiswal told reporters after taking charge.

March 12th, 2009 BANGALORE - While residents of India's IT hub are crying foul about regular power outages, a survey has brought out Bangaloreans' some 'bad habits' when it comes to using and conserving electricity. The survey by Biodiversity Conservation (India) Ltd (BCIL) has found that a majority of Bangaloreans are blissfully ignorant about the enormity of the problem at hand and are making minimal efforts to keep a tab on their power consumption.

December 31st, 2008 BANGALORE - This city welcomed the New Year with sombre celebrations and calls for better security measures as 2008 saw a string of terror attacks across the country. It also prayed for quick revival of a sluggish economy which has hit India's IT capital hard.