Friday, February 29, 2008

Budget Impact for Salaried Professionals

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Finance Minister has doled out great tax incentive for salaried middle class. A male earning up to Rs 5 lakh a year will save Rs 44,000 by way of income tax because of the changing tax slabs and tax saving being increased from 1,10,000 to 1,50,000. Now, he will pay only Rs 55,000 by way of income tax, which means that the effective tax rate is down to only 11 per cent. That means more money of up to Rs 44,000 per annum is available for investment.

For women, the difference is Rs 43,500 per annum. For senior citizens it is up to Rs 39,500 per annum. That will be a great saving for working professionals.

Also, if you buy medical insurance for your parents, you get an additional relief of Rs 15,000.
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