New Budget 2007 - Proposed changes 
February 19th, 2007 | by BIG
Salaried employees can expect some relief in the Budget. The income tax exemption limit of Rs 1 lakh is likely to be hiked to Rs 1.5 lakh. Moreover, new tax-saving instruments are to be introduced
Tax incentives are going to be showered on senior citizens. The qualifying age is likely to be reduced to 60 years as against the prevailing 65 years. Besides, the TDS limit is likely to be hiked to Rs 10,000 (from Rs 5,000).
The excise duty on crude oil is likely to be reduced, paving way for reduction in petrol and diesel prices. If there is a cut in the excise duty, petrol prices may come down by Rs 2 per litre and that of diesel by Re 1 per litre.
The exemption limit for service tax is likely to be hiked from Rs 4 lakh to Rs 10 lakh. This will benefit a large number of individuals who provide taxable services such as beauty enhancement at parlours.
Major tax incentives are expected on bank deposits. The restoration of tax exemption on interest income up to Rs 15,000 and increase in the ceiling for TDS from Rs 5,000 to Rs 10,000 will boost demand for deposits in a major way.
There is an indication that the service tax rate is to be raised from 12 per cent to 14 per cent. Besides, 44 new items - such as lending services, sports and amusement parks - are set to be brought under the service tax net.
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27 Responses to “New Budget 2007 - Proposed changes”
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Here’s our market view on American stock market for 17th October, 2008
The major stock averages had another dramatic day of swings yesterday, the Dow reversing from down 380 in the morning to close up 401 points. The averages finished just shy of their highs of the session and the NASDAQ Composite led the way.
Stocks briefly rose at the opening, then reversed lower as a plunge in the October Philly Fed index (reported -37.5 v. estimated -10) and disappointing reading on September industrial production (reported -2.8% v. estimated -0.8%) weighed heavily. Follow-through selling from Wednesday was also a likely factor adding to the pressure on stocks.
The measures of fear again reached record levels in the morning plunge. The CBOE Volatility Index, the VIX, and the CBOE NASDAQ 100 volatility indicator both rose to new intraday all-time highs of 81.17 and 84.62, respectively. Stocks steadily slid to their late morning lows. At that point, the DJIA was down 380 and the NASDAQ 62 point and the internals of the market were overwhelmingly negative for both the NYSE and NASDAQ.
From the lows, the Dow rallied more than 500 points in an hour, gave back 200 points from their early afternoon peaks and settled into narrow ranges. A late acceleration sparked another 500-point rally up to the close. With the stock market successfully holding onto to their gains, the VIX and NASDAQ Volatility indexes eased back into their closes. The broad market finished solidly positive. Volume picked up substantially from the previous day’s low levels.
Today - Volatility will also rise as a significant amount of options expire in a triple-witching session. The opening looks lower.
ThePowerStocks.com Team
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