New Income Tax code - Is it a boon or burden to Salaried employees?

Recentlt on behalf of Government of India - Finance Ministry Hon. Minister Pranab Mukherjee has presented the initially draft version for the Direct Tax Code. And this tax code will be finalized during the winter seasion of the Parliament session, and if this gets approved it will be applicable for the tax assessment 2010-2011.

Overview of the Tax Slabs

Even though retaining the basic exemption limits; i.e Rs1,60,000 for Men, Rs 1,90,000for Women and Rs 2,40,000 for Senior citizens the tax slabs has been hiked significantly.

Assessment Slabs	Individual, other than women and senior citizens	Women below the age of 65 years	Senior citizens
(1) Where the total income does not exceed Rs 1,60,000/ 1,90,000/ 2,40,000	Nil	Nil	Nil
(2) Where the total income exceeds Rs 1,60,000/1,90,000/ 2,40,000, but does not exceed Rs 10,00,000	10 per cent of the amount by which the total income exceeds Rs 1,60,000	10 per cent of the amount by which the total income exceeds Rs 1,90,000	10 per cent of the amount by which the total income exceeds Rs 2,40,000
(3) Where the total income exceeds Rs 10,00,000 but does not exceed Rs 25,00,000	Rs 84,000 plus 20 per cent of the amount by which the total income exceeds Rs 10,00,000	Rs 81,000 plus 20 per cent of the amount by which the total income exceeds Rs 10,00,000	Rs.76,000 plus 20 per cent of the amount by which the total income exceeds Rs 10,00,000
(4) Where the total income exceeds Rs 25,00,000	Rs 3,84,000 plus 30 per cent of the amount by which the total income exceeds Rs 25,00,000	Rs 3,81,000 plus 30 per cent of the amount by which the total income exceeds Rs 25,00,000	Rs 3,76,000 plus 30 per cent of the amount by which the total income exceeds Rs 25,00,000

Also the investment tax exemption limit as of section 80c has been increased from 1 Lakh to 3 Lakh and this section is renamed as Section 66. [Please dont think Govt has assisted us, here comes the axe]. Now as per the new tax code the Salaried people who is availing HRA, MA and other perks will not be tax exempted and will be part of the taxable income. Even the Leave Travel Allowance and Leave Cash Backs will also be considered as taxable income. Again if we concentrate on the 3 Lakh investment oppurtunity to reduce tax, the number of instruments too has been cut off and now the already exempted instruments like ELSS [Equity Link Savings Scheme], ULIP, Deposits with banks, PPF and Housing Loan Prinicipal payment will not be considered for tax exemption under 80c.

Home loan borrowers getting a waiver on interest payments of up to Rs 1.5 lakh would no longer get this benefit, if they are staying in their own house. This is because the gross rent on a self-occupied house is considered to be nil. Therefore, there will be no benefits either on capital or interest payout will be available. However, if the same house or a second house is given on rent, the person will get the tax benefits on interest payout and that too, for unlimited interest payment.
On top of this there is one more axe for salaried employees, introduction of new tax regime, EET - Exempt Exempt Taxation by which all the PF, Superannuation funds, Life Insurance and New Pension schemes will be taxed upon withdrawal. This is a huge imposition for the senior citizens whom by far will be eyeing their future based on Pension schemes
Thus the aim of this Golden Jubilee Plan for Income Tax law(1961 - 2011) is to revoke all tax exemptions and to axe the tax planning that each individual does.
But this new Direct Tax code is under revision only and all the citizens can raise their voice against this one. Everyone has the right to provide their suggestion and feedback, so people please feel free to use your rights and write out you suggetions.
Please provide your feedback in the following link - http://finmin.nic.in/DTCode/query1.asp
Also write out your suggestions here http://finmin.nic.in/DTCode/query.asp

Hail India, Hail all Indians..
Jai Hind...

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ICC Twenty20 Cricket World Cup 2009 - Schedule

Team Chart

League Matches

Super Eights

Placement for the Super Eight stage is determined as follows:The first two teams in each group are placed 1 or 2. They will retain this position for the Super Eight stage, irrespective of whether they finish first or second in their group, unless they are knocked out by the team 3 in their group. In this instance, team 3 replaces the position of the team they knock out.

The teams finishing first and second in groups E and F, based on points obtained in the Super Eight stage will compete in the semi-finals. And the Final two teams will appear for the Grand Finale.

Courtesy: http://www.rediff.com/cricket/schedulet20wc.html

Substring in Excel

Just to share a small Excel tip, inorder to obtain substring in Excel there is no direct way.
A small manipulation will do that trick.

1. Copy the Test Data to Column B2
2. And in the subsequent column paste the formula

This example will substring from char 'p' till it encounters first ','.

To get Substring in Excel - Formula

=MID(LEFT(B2,FIND(",",B2)-1),FIND("p",B2),255)

Test Data uniquemember=member1=psi00011111,o=staff,dc=1234,dc=com

Result - psi00011111

Enemy at the Gates

China Occupied Kashmir

How many people espescially - Indians know that we have already lost Jammu - Kashmir to our disguised neighbours China & Pakistan. China has been cautious in building its frontiers from early centuries which India didn't cared much. But giving credit to India's lack of interest in its frontiers China added more shame to India by annexing major parts of Jammu - Kashmir especially Aksai Chin which serves a major trade route to China connecting China with Pakistan and Afghanistan. And much generously Pakistan has given part of its [Our] Pak Occupied Territory to China in 1963 which provides greater access to China.

In Indian schools all students are taught with Indian maps showing the entire region of Jammu Kashmir as part of India, which is not the actual case. The same is the case in schools of Pakistan and China, whether most regions of Jammu Kashmir are shown as theirs. "Saddest truth is what we believe is not ours anymore" Because we have the Line of Control with Paskistan near Kargil which almost in the heart of Kashmir and the Line of Actual Conrol with China is near Ladakh region, here too we have entire North-Ladakh [Aksai Chin] region. The Governments [especially Congress] didnt showed much interest in resolving these disputes, and the BJP too whenever they try to resolve it, tension ripples will be created anonymously [China's infleunce] from our closest neighbour - none other than insurgent Paksitan.

China has laid a strategic military Highway in the Aksai Chin region which India was not aware for years. Now China has built a Air base near this region which boosts it strength to launch a major offensive against India if required.
Kongka La is another place which China claims it as theirs which lies in the low ridge pass of Himalayas near Ladakh. Kongka La is rich in beautiful rocks and granites but India dared to mine it and same is the case of China. It's almost in the no man's land.



Stand Point on Kashmir - India, China & Pakistan

Resolving Disputes
Please follow the below link to know more about the disputes resolved between India and China.
http://www.india-defence.com/reports-1657

contd...

String of Pearls : Caution India

Diplomatic Relations of China in India's perspective

India almost lost all of the neighbouring countries trust and partnership, courtesy China. And now its trying to cope up China to obtain allies around the South-Asian landscape. This is situation was due to our beloved "irresponsible" leaders who are caring about their post but not on their duties. And our nation's curse - Corruption & Carelessness has been an advantage to China, which has built it empire on it and pose a serious threat to our Mother India.

India has been resistive in helping Srilanka in the ethnic war and it couldn't built a confident relation with either Nepal, Bangladesh, Bhutan or Pakistan with whom we share our frontiers. This vacancy has been filled and utilized with ease and to full extent by China, which now almost have its footprint in all of these countries.

Naval Base in Gwadar, Pakistan; Port facility in Chittagong, Bangladesh; Commercial Naval base in Burma; Survelliance facillity in Thailand and alas China set its foot right on Indian Ocean corridor - Hambantota, Srilanka with a Container port [under construction].

Hambantota - Closer Look

Hambantota [Srilanka] was an Eastern Province and after a series of assaults with the help of China, Srilanka captured it by 2007 and has given it to China for redevelpment and to built a port under the disguise as refuelling center for its trade route. This port is due to be completed in 15 years, but now estimated to be completed soon than that. Once this port is complete, China will be in striking distance to India's nuclear plant none other than Kalpakkam and Kundankulam. With LTTE control over that place India seemed to be safe, but now India has to rethink of a different strategy. Also India needs to check out for a diplomatic Ally in South-Asia, miserably which is not the case, as China has almost reached out to all nations around India and created a virtual String of Pearls around India. Now it can tighten the rope at will against India in any direction. With the 1962 [Congress] shame on India's back, Will History repeat itself?? Which time has to tell.