Budget's first impact, hike in fuel from mid night

Prologue : The FM has facilitated with relief to income tax payers in the budget.but hike in central excise duty on non-petroleum products will affect the pocket.

There will be no tax for income upto Rs 1.6 lakh. The earlier slab was 1.6 - 3 Lakh
For income between 1.6 lakh - 5 lakh, the tax liability will be 10%. The older slab was 3-5 lakh.
For income between 5 lakh - 8 lakh, the tax liability will be 20%. The earlier slab was 5 lakh.
Individuals with income of above 8 lakh will have tax liability of 30%.
Additional investment of 20K in infra bonds over and above Rs 1 lakh in 80C

The entire opposition walked out of the Lok Sabha during the presentation of budget by Finance Minister Pranab Mukherjee, dubbing it "highly inflationary".

Epilogue : The budget impact begins with fuel price hike.The price hike will be effective from mid night.

Prime Minister Manmohan Singh assures, price rise will be controlled soon, hope for the best

Prologue : On price rise, the government believes that, the situation is improving. After a three hour meeting of Congress Working Committee, Congress general secretary Janardhan Dwivedi conveyed the party's and prime minister's concern on it...

 

"First, the price-rise was discussed at the meeting. Eighteen people expressed their views on it and gave their suggestions. (Finance minister) Pranabji also spoke on it and expressed hope that the condition will become normal soon," Dwivedi said.

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"At the end of the meeting, the prime minister also spoke on the issue and expressed his concern. He said that things are improving and soon there would be more improvement," he added.

Epilogue : Everyone spoke and expressed hope. They observe that situation is improving. But, how it claimed? Are they aware of ground reality. Ask any one who visits the market. Are the top brass aware of real facts.