Saturday, March 1, 2008

Budget Impact - New Tax Rates

Budget proposed a new change in tax rates for Financial Year 2008-09, for an individual. Some major highlights are:

Exemption Limit for Men increased to 1,50,000 from Rs 1,10,000
For Women, the Income Tax Limit Goes Up From Rs 1.45 Lakh To Rs 1.80 Lakh.
In Case of Senior Women Citizens, It Increases From Rs 1.95 Lakh To Rs 2.25 Lakh.

The new Tax rates are as below:

Tax Rates

0%

10%

20%

30%
Male0 to 1.5 Lakh1.5 to 3 Lakh3 to 5 lakh> 5 Lakh
Female0 to 1.8 Lakh1.8 to 3 Lakh3 to 5 lakh> 5 Lakh
Senior Citizen0 to 2.25 Lakh2.25 to 3 Lakh3 to 5 lakh> 5 Lakh


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