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February 28, 2007
Finance Minister Palaniappan Chidambaram has now presented five Budgets -- two under the United Front government and three under the United Progressive Alliance.
On Wednesday, finance Minister P Chidambaram presented the Union Budget 2007-08 in Parliament.
Chidambaram kept the income tax limit largely unchanged by increasing the personal income tax exemption limit by only Rs 10,000, giving every assessee a relief of Rs 1,000. This will lead to women assessees' threshold limit going up to to Rs 1,45,000, while for senior citizens it will go up to Rs 195,000. Deduction in respect of medical insurance under Section 80 (D) increased to Rs 15,000 and Rs 20,000 for senior citizens.
The Dividend distribution tax has been raised from 12.5 to 15 per cent and ESOPs will be brought under FBT.
What do you like or dislike about the Budget? Was this Budget like the 'dream budget' he presented in 1997? Are you happy with the Budget? On a scale of 1 to 10, how would you rate this Budget? Tell us!
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