IT exemption limits raised by Rs.10000

[abhijit_reddevil]

Finance minister Pranab Mukherjee proposed to raise by Rs 10,000 the exemption limit for women on Income Tax.


For all others, the limit was increased by Rs 10,000 from Rs 1,50,000 to Rs 1,60,000.


Mukherjee presented the Union Budget for 2009-2010 at the Lok sabha on Monday.


The finance minister also proposed to remove 10 per cent surcharge on personal income tax.


*business.rediff.com/money/2009/jul/06/budget09-i-t-exemption-limits-raised-by-rs-10000.htm


WTF! Should have raised the limit to at least Rs.200000, if not more.

 

[abhijit_reddevil]

New Income tax slabs and other budget updates

*business.rediff.com/report/2009/jul/06/budget09-the-new-tax-slabs.htm

Basic exemption for individual tax payers was increased by Rs 10,000 for general tax payers and women and Rs 15,000 for senior citizens (i.e. 65 years and above) by the finance minister on Monday.

The current income tax exemption limit is Rs 1.5 lakh (Rs 150,000) for men, Rs 1.8 lakh (Rs 180,000) for women and Rs 2.25 lakh (Rs 225,000) for senior citizens.

Finance Minister Pranab Mukherjee removed the surcharge on income above Rs 10 lakh (Rs 1 million) for personal income tax payers. The surcharge was levied at the rate of 10 per cent on income above Rs 10 lakh.

In another relief to the tax payers, the minister raised the deduction for maintenance of medical treatment of dependence from Rs 75,000 to Rs 1 lakh. Higher exemption limit will help the taxpayers in meeting the medical needs of dependents.

Meanwhile, he also proposed to introduce Saral-II form to enable the taxpayers to file their returns without difficulty.

The new tax slabs will stand as follows:

INCOME
TAX RATE
For GENERAL taxpayers​

Up to Rs 160,000
Nil
Rs 160,001 to Rs 300,000
10 per cent
Rs 300,001 to Rs 500,000
20 per cent
Rs 500,001 and above
30 per cent

For WOMEN taxpayers​

Up to Rs 190,000
Nil
Rs 190,001 to Rs 300,000
10 per cent
Rs 300,001 to Rs 500,000
20 per cent
Rs 500,001 and above
30 per cent

For SENIOR CITIZENS​

Up to Rs 240,000
Nil
Rs 240,001 to Rs 300,000
10 per cent
Rs 300,001 to Rs 500,000
20 per cent
Rs 500,001 and above
30 per cent

 

[vsrini40]

But what about the Fringe Benefit Tax withdrawn for the
employers and added on to the employees. Tax on many
items including the ESOP will definitely hit hard the
working people. A further notification as to what are
all the heads under which the FBT is to borne by the
working people is to be issued yet.

 

[NucleusKore]

Yes I was highly irritated by the raise in the limits,,a "princely sum" of Rs. 10000 !
As good as not raising it at all. What's more he's waived off the 10 % extra tax for those with taxable incomes above 10 lakhs per year. Looks like a budget for the upper middle class and the rich for me.