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February 19, 2007
These are taxing times for Indians. Rising prices and high interest rates are making life miserable for ordinary citizens.
Salary hikes make no sense as even basic commodities become unaffordable. Even the prices of vegetables and groceries are rising alarmingly.
To add to the woes is the tax burden on salaries. Currently, income up to Rs 1 lakh (Rs 1.35 lakh, in case of women and Rs 1.85 lakh in case of senior citizens) is exempt from tax in case of individuals.
Do you think the tax exemption limits should be raised? Or should income tax rates be reduced?
What would be your suggestions on income tax slabs? Tell us your views.
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