Published on Mon, Jul 06, 2009 at 12:31 | Source : Moneycontrol.com
Updated at Mon, Jul 06, 2009 at 15:46
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Personal tax exemption limits raised
The Finance Minister increased the basic exemption limit for male taxpayers and female taxpayers by Rs 10,000 and that of senior citizens by Rs 15,000. Further, he abolished the surcharge of 10% on income over Rs 10 lakh.
THE Finance Minister, in today's budget speech, announced marginal tax benefits for individual tax payers.
He increased the basic exemption limit for male taxpayers and female taxpayers by Rs 10,000 and that of senior citizens by Rs 15,000. Further, he abolished the surcharge of 10% on income over Rs 10 lakh.
The new tax slabs now stand as follows:
Male taxpayers 0 to 160000 0 160001 to 300000 10% 300001 to 500000 20% Above 500000 30%
Female taxpayers 0 to 190000 0 190001 to 300000 10% 300001 to 500000 20% Above 500000 30%
Senior citizens 0 to 240000 0 240001 to 300000 10% 300001 to 500000 20% Above 500000 30%
In addition to this, an education cess of 3% on the tax amount continues while a 10% surcharge on income over Rs 10 lakh has been abolished.
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