FM Says NO To Income Tax Relief To Employees

Finance Ministry against raising income tax exemption limit to Rs 3 lakh-Financial Express

The Finance Ministry ( Thought of Congress Party ) has rejected a Parliamentary Standing Committee's recommendation to raise the income tax exemption limit to Rs 3 lakh and to adjust other slabs saying that it will lead to an annual loss of Rs 60,000 crore to the exchequer.

It has however decided to reduce the age for tax exemption for senior citizens to 60 years from 65 years.

The Committee headed by senior BJP leader Yashwant Sinha  ( Thought of BJP )had proposed no tax on income of up to Rs 3 lakh per annum; 10 per cent for Rs 3-10 lakh; 20 per cent, for Rs 10-20 lakh and 30 per cent on annual income beyond Rs 20 lakh.

Link Financial Express

Eye Opener News for who belong to  salaried class:   

Above mentioned news is enough to exhibit  what Congress Party leaders and specially Mr. Chidambram Finance Minister think of salaried class people and what leaders of BJP and person like Yashwant Sinha think for salaried class people.

FM says that relief to employees by way of Income Tax relief will lead to loss of Rs.60000 crore but he willfully and intentionally forgets that due to unlawful, unjustified and unwarranted tax reliefs given to Corporate Sector in the name of stimulus package to deal with so called global financial crisis in the year 2008 has been causing a loss of more than Rs.600000 ( six lac ) to Government of India. FM favours Corporate not for growth in the country but to enhance political fund needed for election victory.