India budget 2009-2010 Highlights

Good news for Indian tax payers

The Finance Minister,  Mr.Pranab Mukherjee presented the 2009-10 Union Budget in today’s budget speech and announced marginal tax benefits for individual tax payers and very few changes to the corporate tax payers, waiving off fringe benefit tax is one of them .

The good news for individual tax payer is basic exemption limit for male/female taxpayers has been increased by Rs 10,000 and for senior citizens Rs 15,000. And also, Mr Murkherjee abolished the surcharges of 10% on personal income tax over Rs 10 lakh. That means the person who earn more than 10 lakh or who has taxable income over 10 lakh will save more money.

The new Income tax slabs as per the Union Budget 2009-2010

Male tax payers

• 0 to 160000  -  0%
• 160001 to 300000  -  10%
• 300001 to 500000  -  20%
• 500001 to above  -  30%

Female tax payers

• 0 to 190000   -  0%
• 190001 to 300000  - 10%
• 300001 to 500000  - 20%
• 500001 to above  -  30%

Sen ior Citizens

• 0 to 240000   -  0%
• 240001 to 300000  - 10%
• 300001 to 500000  - 20%
• 500001 to above  -  30%

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