FM responds to senior citizens' tax pleas

New Delhi: CNN IBN's award winning Axe the Tax campaign has consistently pushed for the financial assitance for senior citizens and the removal of FBT. The good news is that while preparing the Budget for fiscal year 2009-10, the FM has paid heed.

CNN-IBN took viewers' personal tax wish list and presented it to the Finance Minister.

"You are a senior citizen yourself, you will understand our problems," senior citizen Rajkumari Sood had appealed.

Another senior citizen Bhushan Lal Vohra had requested, "Mr Finance Minister Sir, may I appeal to you on behalf of all government pensioners to exempt our pension from income tax."

Raju Taneja wrote, "You should remove FDT as far as travel is concerned."

Finance Minister Pranab Mukherjee has paid heed to two key tax provisions CNN-IBN had asked to be axed or amended- based on research from tax experts and feedback from people across the country.

He abolished Fringe benefit tax and raised the tax exemption limit for senior citizens by Rs 15,000.

Axing Fringe benefit tax has come as a welcome relief for all Indian corporates, but this also means tax savings for employees who currently hold ESOPS and are earning a superannuation.

Viewer Vaishali Nambiyar said, "I think abolishing Fringe Benefit tax that has been abolished completely should give some more cash in hand."

The hike in Tax exemption limit for senior citizens to two lakh 40, 000 rupees is also an important cushion according to the aged, given their limited income generating avenues.

Bhushan Lal Vohra agreed, "Well, I'll say we are not satisfied but something is better than nothing."

The axe the tax campaign has been an ongoing effort to take the voice of the ordinary tax payer to the government, and the positive development on FBT and for senior citizens is a validation of this effort.

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#Union Budget 2009 #Axe the Tax #CNN IBN impact