The Great ‘M’…

The Lungi (Read: P Chidambaram) has delivered… or more importantly has tried to deliver. The Indian Budged 2008 was aimed at killing two birds with one stone and I guess they have succeeded…

1. Budget 2008 aims at helping Congress come back to power
2. Congress needed to please the Minorities (Caste & Category) and Middle Class to win the ballot

Both of these seem to have been achieved with just one Budget 2008. The most important highlights (Read: Important for me)

1. Personal income tax exemption limit raised to Rs. 110,000
2. Income Tax exemption limit to women hiked to Rs. 145,000
3. Personal Tax exemption for senior citizens hiked to Rs. 195,000
4. Deduction in respect of medical insurance under Section 80 (D) increased to Rs. 15,000 for common person and Rs. 20,000 for senior citizens.

I have been running harried trying to save whatever amount I can from the deadly clutches of Income Tax department and I seriously wonder how employees get any work done in the months of Feb and Mar considering that a greater loss looms.

But, let’s take heart that atleast next year we should (the Middle Class) should be laughing their way to becoming more cash-rich…

Maybe this year I will actually be able to buy a citizen chronograph… Cheers to the dreams that might get fulfilled…

~ by Ankit Desai on March 1, 2008.