OK - the budget has hit - and boy, has it hit with a bang! Tax rebates slashed, interest rate cuts; you name it, the bad news can be found amid the mind-boggling pages of the budget. But what does it all finally boil down to?
THE DOUBLE WHAMMY

The most noticeable thing about the budget has been the drop in interest rates on small savings and a higher income tax surcharge.
The small savings interest rates have dropped by 0.50 per cent to nine per cent, which means that your savings will earn you less in the coming year. Therefore, your Public Provident Fund, bank deposits, NSCs and other fixed income avenues will also earn you less - and they are all now taxable. For all you hard-working women out there earning more than rupees five lakhs per annum, forget about income tax exemption under Sec 88 of the IT act. PPF and LIC will hold little or no attraction for the richer taxpayers.
For all those who earn between Rs 1.5 lakhs to Rs 4.99 lakhs, the exemption has been halved (to 10 per cent). All in all, your disposable income (purchasing power) will be lower in the coming year.
However, our generous finance minister has actually showed a little concern for salaried assessees who will not be levied any perquisite tax upto a salary of rupees one lakh. Beyond that, if your employer agrees to bear your perquisite tax, you may have a little breathing room.
The taxman, has now focused on your investments and decided that you should share some of your piece of the pie with the