ARTICLE · 29 APRIL 2003

Union Budget 2003 - A Synopsis

K.F. Jetsey & C.

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IndiaTax

Keshav Jetsey

Income Tax Proposals

Salaries:

For salary income upto Rs: 5 lacs, standard deduction will 40% or Rs: 30,000 whichever is lower.

For salary income above Rs: 5 lacs, standard deduction will Rs: 20,000.

VRS payments upto Rs: 5 lacs will be exempt from tax even if such a payment is made in instalments. This provision will be effective from 1^st April 2004 and available for A.Y: 2004 – 05 onwards.

Income from House Property:

Deduction of interest upto Rs: 1,50,000 on loans taken for construction or purchase of self-occupied house property shall be retained.

Income from housing projects for construction of housing units of prescribed specifications and approved by local authorities upto 31^st March 2005 will be exempt from income tax.

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