The Finance Minister, in his last Budget, announced a bumper for individual tax payers. He changed the tax slabs for men, women and senior citizens. The highest tax slab was raised from Rs 5 lakh to Rs 8 lakh.
The FM also increased the limit of deduction available under section 80C. He allowed an additional investment of Rs 20,000 for infrastructure bonds taking the total of the limit under section 80C from the current Rs 1 lakh to Rs 1.2 lakh. Tax slab for salaried men| Taxable income (in Rs) | Rate (%) |
| Up to 160,000 | Nil |
| 160,001 - 500,000 | 10 |
| 500,001 - 800,000 | 20 |
| 800,001 upwards | 30 |
| Taxable income (in Rs) | Rate (%) |
| Up to 190,000 | Nil |
| 190,001 - 500,000 | 10 |
| 500,001 - 800,000 | 20 |
| 800,001 upwards | 30 |
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