IT exemption limits raised by Rs.10000

Discussion in 'Random News' started by abhijit_reddevil, Jul 6, 2009.

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  1. abhijit_reddevil

    abhijit_reddevil Manchester United

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    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.


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


    WTF!:x Should have raised the limit to at least Rs.200000, if not more.
     
  2. OP
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    abhijit_reddevil

    abhijit_reddevil Manchester United

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    New Income tax slabs and other budget updates

    http://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
     
  3. vsrini40

    vsrini40 New Member

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    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.:sad:
     
  4. NucleusKore

    NucleusKore TheSaint

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    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.
     
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