BUSINESS

Kelkar report, Budget & your income

By BS Bureau in Mumbai
July 01, 2004 12:48 IST

With the Vijay Kelkar Committee report of 2003 on direct taxes on the United Progressive Alliance government's agenda, it makes sense to revisit the report to find out what were the recommendations in it for the individual taxpayer.

Of course, the report may not be accepted in toto, and there will obviously be adjustments for the Common Minimum Programme, but considering that Finance Minister P Chidambaram has taken note of the report, what lies in store?

Suggested income tax slabs

Income Level

Tax rates

Below Rs 100,000

Nil

Rs 100,000 to Rs 400,000

20% in excess of Rs 100,000

Above Rs 400,000

Rs 60,000 plus 30% of income in excess of Rs 400,000

The existing regime

Income Level

Tax rates

Below Rs 50,000

Nil

Rs 50,000 to Rs 60,000

10% in excess of Rs 50,000

Rs 60,000 to Rs 150,000

Rs 1,000 plus 20% of income in excess of Rs 60,000

Above Rs 150,000

Rs 19,000 plus 30% of income in excess of Rs 150,000

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